Market perks up on SBI earnings, Nifty gain 21 pts

Earlier in the day, the market started of trading with a gap-down, plunging below the psychological 4,800 mark on the back of broad-based sell-off, mainly in commodities, banking, auto and capital goods against the backdrop of global uncertainties.

Furthermore, the sharp slide in the rupee to a new low for the third consecutive day added woes as the key-index touched fresh intra-day lows.

Again, the financial markets across Asia witnessed heavy selling on increased concerns over deteriorating situation in Europe and downgrading of Spain's banking sector amid weaker- than-expected US economic data.

However, from the pinned down situation, the bourses started showing signs of turnaround on hectic low-level buying activity alongwith recovery of rupee from its intra-day low and further boosted by the awesome numbers from the country's largest lender State Bank of India, which showed a net profit of Rs 4,050 crore for the fourth quarter.

The recovery amidst short-covering was led by banking, FMCG, oil & gas and metal counters. While, auto capital goods, infra, pharma and technology saw profit-taking.

The 50-share index swung widely between a high of 4,908.50 and low of 4,788.95 before concluding at 4,891.45, a rise of 21.25 points, or 0.44 per cent, over its last close.

SBIN, SesaGoa, Grasim, IDFC, SAIL, ICICI Bank, ITC, GAIL, Kotak Bank and Sterlite Industries were the top percentage- wise gainers from the Nifty bunch.

Tata Motors, Ambuja Cement, Maruti, Bajaj Auto, BHEL, HeroMotcor, BPCL, Tata Steel, ACC and Cairn topped the losers' list.

Turnover in cash segment rose to Rs 10,581.01 crore from Rs 9,737.46 crore yesterday. In all, 5,896.32 lakh shares changed hands in 52,00,966 trades. Market capitalisation stood at Rs 56,49,174 crore.