Nifty snaps 6-day fall, jumps 88 pts

Mumbai: The Nifty rebounded on bargain hunting after a sell-off in the last six sessions, rising by 88 points to 10,242.65 backed by short-covering in last hour of trade mainly in banking and financials, realty, energy, infra and auto sectors.

Gains in Asian stocks amid news of potential US tariff exemptions also boosted sentiment on the domestic bourses.

Overseas, Asian stocks closed higher on developments related to planned metals tariffs. Japan’s Nikkei, China’s Shanghai Composite and Hong Kong’s Hang Seng gained 0.5 to 1.5 per cent. European stocks were trading mixed.

The Nifty 50 index rose 88.45 points, or 0.87 per cent to end at 10,242.65, before moving in a range of 10,270.35 and 10,146.40. It saw an intra-day movement of about 123.95 points.

On the sectoral front, Nifty PSU bank rose by 2.80 per cent, followed by finance service 1.54 per cent, realty 1.43 per cent, energy 1.43 per cent, bank 1.42 per cent, private bank 1.18 per cent, infra 1.03 per cent, auto 0.98 per cent, media 0.26 per cent and IT 0.04 per cent.

While, Nifty pharma, metal and FMCG index fell by 0.33, 0.45 and 0.41 per cent, respectively.

The Nifty mid-cap and small-cap indices rebounded 0.49 per cent and 0.39 per cent, respectively.

Major index gainers were SBIN, ICICI Bank, Adani Ports, Reliance, M&M, Asian Paints, HDFC Bank and Axis Bank.

Among the losers were Sun Pharma, Tata Steel, Hindalco, Yes Bank, TechM, GAIL, TCS, Cipla and Tata Motors.

The market breadth, indicating its overall health, remained negative. A total of 835 scrips advanced, 959 declined, while 57 remained unchanged.

As many as 258 total securities hit their price bands.

Turnover in the cash segment fell to Rs 30,327.15 crore from Rs 30,909.39 crore as on Wednesday.

A total of 17,140.79 lakh shares changed hands in 1,08,01,229 trades. The market capitalisation of listed firms on the NSE stood at Rs 1,41,13,447.38 crore.