Nifty crosses 6,300 mark on select buying; banks shine

The benchmark index Nifty breached the 6,300-mark and hit nearly six-week high on select buying at the National Stock Exchange (NSE) today as the country braced for a multi-phase polling, which will influence investor sentiment in the near term.
Firm buying in key banking, FMCG, IT and realty shares led the 50-share index to gain 30.70 points and close well above the important 6,300-level.
Investor sentiment was boosted by good FII buying, softening of geopolitical tensions related to Ukraine and the Finance Minister's assurance of support for PSU banks.
Shares of mid and small cap companies climbed on buying interest, while energy and pharma counters witnessed profit taking.

Meanwhile, foreign institutional investors (FIIs) bought shares worth a net Rs 185.61 crore yesterday, as per provisional data from the stock exchanges.
Banking stocks were in limelight. State-owned Bank of Baroda surged 6.29 per cent, while PNB shot up 4.60 per cent. Among private lenders, ICICI Bank gained 2.83 per cent and Yes Bank rose 3.43 per cent. Realty giant DLF soared 3.5 per cent.

Tata Power dropped 3.25 per cent on profit taking.
The market opened higher on firm Asian cues, but trimmed gains during early trade. Late morning saw the NSE barometer slip into the negative zone amid volatility and languish there till afternoon. Tail-end buying lifted the market, which ended with moderate gains.

The 50-share Nifty traded between a high of 6,336.25 and a low of 6,287.80, before closing at 6,328.65, showing a gain of 30.70 points, or 0.49 per cent, over the last close.
Other gainers were Grasim, IDFC, ACC, Hindalco, Coal India and Cipla. Bharti Airtel, HCL Tech, Cairn and GAIL were the key losers.
Turnover in the cash segment rose to Rs 11,919.12 crore from Rs 11,227.87 crore yesterday. A total of 6,250.17 lakh shares changed hands in 62,68,477 trades. Market capitalisation stood at Rs 68,00,877 crore.