After losing for five straight sessions, the benchmark CNX Nifty posted modest gain at the National Stock Exchange (NSE) today in a range-bound trade marked by value buying in some key heavyweights.
Initial gain was mostly erased due to volatility as market players continued to remain cautious amid uneasiness over large FII selling, and waited for quarterly corporate earnings which would start coming in this week.
Foreign institutional investors (FIIs) sold shares worth a net Rs 567.02 crore yesterday, as per the provisional data from the stock exchanges.
Modest buying was seen in almost all counters though gains were more evident in pharma, auto and FMCG shares. State -owned Coal India rose 4.88 per cent in anticipation of interim dividend.
Scrips from mid and small cap companies attracted buying interest. However, infrastructure and realty counters encountered profit-taking.
Shares resumed higher on firm Asian markets and stayed in positive zone during morning trade. The momentum was soon lost as choppiness crept in but the market managed to end in the green for the first time in 2014.
The 50-share Nifty hovered between a high of 6,192.10 points and a low of 6,160.35 points before closing at 6,174.60 points, showing a gain of 12.35 points, or 0.20 per cent, over the previous close.
Major gainers were Coal India, Cipla, Gail, Bank of Baroda, Tata Power, Cairn, NMDC, Tata Motors, PNB and Dr Reddy's.
Axis Bank, BPCL, L&T, Ranbaxy, BHEL, IDFC, DLF, ONGC and Hindalco were among the key losers.
Turnover in the cash segment climbed to Rs 12,141.86 crore from Rs 11,770.40 crore yesterday. A total of 7,375.25 lakh shares changed hands in 65,01,378 trades, while market capitalisation stood at Rs 67,89,012 crore.