Market recovers on late buying, up 24 pts

Late buying in key heavyweight counters of Banking, IT and Metals led the benchmark Nifty to recover by 24.30 points on the National Stock Exchange (NSE) today.
Earlier, caution prevailed as the bourses opened weak and mostly traded lower amid mounting capital outflows, diminished industrial output data (IIP) released last Friday and negative Asian cues, leading the index to fall below important 7,800-mark.
Shares from Pharma, FMCG, Realty, Infra and Auto counters witnessed intense profit-booking.
However, the market witnessed buying during the late hours triggered by reports of positive Chinese trade data and European stocks, taking the index to 7,900-level.

The CNX Nifty traded between a high of 7,901.15 and a low of 7,796.00 and closed at 7,884.25, showing a gain of 24.30 points or 0.31 per cent over its previous close.
The Foreign Institutional Investors sold shares worth net Rs 719.77 crore on last Friday, as per the provisional data.

Top five gainers were Tata Power 2.84 per cent, NMDC 2.37 per cent, PNB 2.27 per cent, Tata Steel 2.16 per cent and Axis Bank 2.03 per cent.
Other notable gainers were Indusind Bank, Jindal Steel, TCS, Cairn and Infy.
The top five losers were DLF 3.77 per cent, M&M 3.68 per cent, Cipla 2.78 per cent, SunPharma 2.12 per cent, Dr Reddy 1.86 per cent.

Turnover in the cash segment dropped to Rs 13,389.15 crore from Rs 15,857.30 crore last Friday. A total of 6,811.64 lakh shares changed hands in 61,67,545 trades, while market capitalisation stood at Rs 90,79,695 crore.