Nifty posts modest recovery on short covering

The benchmark CNX Nifty of the National Stock Exchange(NSE) today posted modest recovery after trading in the red for the last four days amid short covering.
The index went up 16.50 points to end the session at 5,983.55 helped by gains made in metal, infra, banks, commodities and finance shares. However, pharma, IT and media shares closed with losses.
Brokers said the market was oversold and operators opted to cover their short positions at lower levels ignoring the weak European cues.
The NSE 50-issue Nifty initially crossed the 6K-mark and was trading at a high of 6,015.30 at one time, but could not sustain that level and closed at 5,983.55, still showing a rise of 16.50 points or 0.28 pct over Thursday.

The index had tumbled by 220.25 points or 3.55 pct in the last four days.
Tata Steel was the top gainer from the Nifty pack with a rise of 4.49 pct followed by Tata Power 3.98 pct, Lupin 2.92 pct, L&T 2.72 pct and ICICI Bank 2.72 pct.
However, Sun Pharma declined by 3.69 pct, Hindalco 1.70 pct, BHEL 1.61 pct and TCS 1.55 pct.
Turnover in the cash segment dipped to Rs 10,761.24 crore from Rs 13,432.16 crore yesterday. A total of 5,330.06 lakh shares changed hands in 52,99,923 trades. Market capitalisation stood at Rs 65,13,115 crore.