Mumbai, December 10: Market cut-short its initial losses amidst high volatility to recover modestly as the benchmark CNX Nifty ended higher by 22.65 points on the NSE.
Resuming flat on the backdrop of subdued Asian markets, the key indices soon slipped into negative terrain and traded rangebound for most part of the day before recouping to post a modest gain.
The much needed recovery fuel was provided by the telecom space after the RBI’s decision to change guidelines for external commercial borrowings (ECBs) to participate in 3G spectrum auction also buying in select banking, metal and realty too helped the market.
Meanwhile, the rising food inflation remained an non event factor in the trading front.
The benchmark index resumed at 5,112.40 and hovered in a wide range of 5,146.45 and 5,084.65 before closing at 5,134.65, a modest rise 22.65 points, or 0.44 per cent, over last close.
–Agencies