Nifty ends flat in volatile trade; PSU banks in limelight
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The NSE benchmark Nifty today closed virtually flat after rebounding from the day's low amidst volatility as growing optimism over more reform measures underpinned the sentiment.
The 50-share index fluctuated widely between a high of 5,919.95 and a low of 5,888.10 before settling at 5,908.90, up 1.50 points, or 0.03 per cent, over the last close.
Trading started on a modest positive note following buying in select heavyweights though good momentum was seen in mid and small-cap counters. The key index remained range-bound in the absence of any specific direction before drifting in late afternoon on profit-taking.
Some value buying at lower level, however, helped the index to rebound from intra-day lows to close above 5,900.
With FDI in multi-brand retail getting Parliament's nod, market participants are now looking for some new triggers and these include passage of a number of crucial financial legislation related to insurance, pension and banking.
The market is likely to move in a narrow range ahead of some important economic data like IIP and inflation followed by RBI's mid-quarter monetary policy review on December 18, traders said.
Financial stocks, particularly PSU banks, dominated today's proceedings on expectations that the Banking Amendment Bill will be passed in the ongoing session of Parliament. FMCG and pharma scrips, too, witnessed good buying momentum.
However, oil & gas, technology, auto, infra and retail stocks saw profit selling.
Bank of Baroda, HDFC, Dr Reddy's, PNB, RInfra, Tata Steel, Kotak Bank, Cipla, Bajaj Auto and Sun Pharma were the notable Nifty gainers. The laggards included TCS, Cairn, NTPC, Bharti Airtel, IDFC, Grasim, M&M, ICICI Bank and Tata Power.
The turnover in cash segment dropped sharply to Rs 10,957.33 crore from Rs 13,417.44 crore last Friday. Overall, 6,917.89 lakh shares changed hands in 55,77,631 trades. Total market capitalisation stood at Rs 66,81,447 crore.