Nifty gains 7 pts in rangebound trade; Infra stocks in focus

Bourses extended gains to end marginally higher after a rangebound trading session on buying support in selected heavyweights amid improving macroeconomic fundamentals.
The 50-share Nifty opened higher at 8,285.50 and swung between a high of 8,288.90 and a low of 8,252.05 before ending at 8,273.05, showing a modest increase of 6.60 points, or 0.08 per cent, over its last close.
Sentiment also got a flip due to robust capital inflows in the midst of RBI's accommodative policy as well as prediction of good monsoon rains this year.
Stocks specific actions largely dictated the trend in today's trade.
Telecom stocks were in the limelight after the inter-ministerial panel Telecom Commission backed lowering of spectrum usage charge to 3 per cent of their annual revenue from next auction.

Adding strength to its overnight rally, key indices resumed on a firm footing a day after RBI affirmed its accommodative monetary stance while leaving rates unchanged.

But, bourses failed to maintain their rising momentum and turned highly volatile as investors resorted to modest profit-taking after recent rally, though it managed to end with some gains.
Elsewhere, most Asian markets finished lower after data showed China's exports in May fell by more-than-expected 4.1 percent from a year earlier, while imports slipped by 0.4 percent, raising fresh fears about the health of the world's second largest economy.
European bourses are trading lower on renewed global growth concerns with the US economy posting a disappointing Q1 macro numbers.

Meanwhile, World Bank slashed its growth forecast for the global economy to just 2.4 percent this year from the 2.9 percent estimated in January.
On the sectoral front, Infra outperformed its peers, surging over 1.20 per cent. It was followed by PSU Bank (0.94 per cent), Auto (0.49 per cent), Energy (0.34 per cent), Realty (0.19 per cent) and Metal (0.22 per cent).
The small-cap and mid-cap also attracted good buying support, gaining 1.18 and 0.68 per cent, respectively.
However, healthcare and technology witnessed sustained unwinding due to stronger rupee.
Key index movers were ICICI Bank, L&T, HDFC, HCL-Tech, Axis Bank, Tata Motors, Power Grid, ONGC, Heromotoco, Bharti Airtel, M&M, Tata Power, Wipro, Maruti, Cipla and SBI.

Among the losers included Infosys, HDFC Bank, Kotak Mahindra, TCS, Asian Paints, Zee, Yes Bank, Adani Ports, Bajaj Auto and Reliance.
A total of 1,028 stocks advanced, 541 declines while 65 ruled stable.
Turnover in cash segment fell to Rs 16,620.74 crore, compared to Rs 19,024.21 crore yesterday. A total of 9,656.15 lakh shares changed hands in 77,25,502 trades.
The market capitalisation of NSE stood at Rs 98,94,473 crore.