Market bounces back on good buying, Nifty rises 40 points

Market opened with marginal gains amid choppiness after overnight sell-off following sluggish global cues, but soon gained momentum on buying in beaten down counters.

It traded rangebound for a while before slipping into negative terrain on profit-taking, mainly in banking counters. The fall in rupee and downgrading of India's growth outlook by rating agency Fitch, too, weighed on trading sentiment.

Global cues were not supportive as most Asian markets retreated since post Greek election relief rally provided short-lived and concerns over eurozone debt crisis resurfaced.

However, overcoming the volatility the key index managed to pull back from the lows in late afternoon trade and witnessed a sharp broad-based rally on the back of across the board buying accompanied with some short-covering.

FMCG, oil & gas, pharma, capital goods, infra and bank stocks saw good buying, while technology, metal and auto scrips came under selling pressure.

The 50-share Nifty swung widely between a high of 5,113.60 and a low of 5,048.10 before concluding at 5,103.85, a rise of 39.60 points, or 0.78 per cent, over the last close.

Ambuja Cement, GAIL, Siemens, Reliance, ITC, Ranbaxy, IDFC, Bharti Airtel, BPCL and Grasim were the top percentage- wise gainers from the Nifty pack.

Sesa Goa, Sterlite, Infosys, Cairn, PNB, Tata Power, Sail, Bhel, Kotak Bank and Bajaj Auto topped the losers' list.

The turnover in cash segment dropped to Rs 9,080.6 crore against Rs 9,751.65 crore yesterday. In all, 5,419.31 lakh shares changed hands in 49,50,230 trades. Market capitalisation stood at Rs 58,16,577 crore.