Fag-end recovery props up Nifty, up 38 pts

A fag-end buying sprint steered the benchmark Nifty to stage a smart rebound and close higher by 38 points at 7,498.75 in a cautious trading ahead of the Fed meet outcome.
Financials - particularly private bank stocks along with FMCG and select technology stocks supported the market recovery.
After a sluggish start to trade, key indices kept descending largely weighed down by lacklustre export data and sustained selling in frontline index heavyweights.
However, tracking highly positive European cues as well as hectic low level buying helped the bourses to recoup all of its early losses and finish firmly in the green.

The equity benchmark briefly climbed the key 7,500 mark in late afternoon trade before slipping back.
Country's exports dipped 5.66 per cent in February to USD 20.73 billion due to contraction in shipments of petroleum and engineering goods amid tepid global demand, while imports declined 5.03 per cent to USD 27.28 billion last month.

Foreign Direct Investment in the country increased by 29 per cent for the 15-month period -- ended December last year -- after the launch of 'Make in India' initiative, Parliament was informed today.
Meanwhile, other Asian equities ended mixed amid investors caution ahead of an update on monetary policy from the US central bank and largely loomed over the trading sentiments.

Although it is widely expected the Fed to leave benchmark federal funds rate unchanged in the backdrop of global growth fears as well as negative interest rate decisions from other major central bankers.
The 50-share broader index resumed a tad weak at 7,457.05 and swung between a high of 7,508 and a low of 7,405.15, before concluding at 7,498.75, revealing a smart rise of 38.15 points or 0.51 per cent.
Among the sectoral indices, FMCG jumped (1.05 per cent), Nifty Bank (0.88 per cent), IT (0.68 per cent) and Pharma (0.50 per cent), firmly outperforming the benchmark.
However, metal lost (0.94 per cent), auto (0.51 per cent), Infra (0.24 per cent) and Energy (0.04 per cent).

Mid-cap and Small-cap, too ended marginally lower.
Biggest gainers included Infosys, ITC, ICICI Bank, HDFC, Kotak Bank, Axis Bank, HDFC Bank, Lupin, Wipro, TechM, M&M, Cipla, Dr Reddys, HUL, Reliance, L&T and BPCL.
Key lowers were Asian Paints, Sun Pharma, Bharti Artel, Bajaj Auto, Hindalco, Bosch, Yes Bank and Vedanta.
Turnover in cash segment dropped to Rs 14,529.09 crore from Rs 15,372.99 crore yesterday. A total of 8,505.52 lakh shares changed hands in 66,30,440 trades.
The market capitalisation of NSE stood at Rs 89,72,426 crore.