Sidelining all negative macro factors including disappointing industrial growth number,the benchmark S&P CNX Nifty made a smart pull-back rally by gaining 109.15 points at the National Stock Exchange (NSE) here today. The 50-share index showed wide range swings between 5,874.20 and 5,711.30 before ending at 5,863.25,up 109.15 points,or 1.90 per cent over its previous close. The market resumed on a positive undertone mirroring positive Asian bourses. Though trade was volatile it further escalated when news of a dismal IIP data output wiped the initial recovery gains. Surprising the market pundits,the key index sharply bounced-back from its lower levels with hectic lower level buying by domestic funds amidst short-covering in beaten down banking,auto,steel and tech counters. Firm European cues too lent a helping hand in today's rally. "Though the all-round macro-economic scenario is dismal,today's gain is basically due to anxious speculators opting for short-covering," traders commented. Suzlon,Sterlite Industries,Tata Motors,ICICI Bank,Reliance Capital,Cairn,HDFC,TCS,Hindalco and Jindal Steel were the top gainers from the Nifty. However,Bajaj Auto,L&T,Tata Power,Hindunilever and Maruti were the notable losers. Total turnover in the cash segment rose to Rs 15,333.81 crore from Rs 14,303.48 crore yesterday. A total of 8,112.68 lakh shares changed hands in 70,05,163 trades and market capitalisation stood at Rs 68,16,408 crore at the end of day.
