Nifty rebounds 42 points as relief rally gains pace

Markets staged a smart comeback after a steep three-day sell-off amid bargain hunting in the beaten down sectors against the backdrop of fading US rate hike fears.
The NSE-benchmark Nifty reclaimed the significant 7,400-mark by surging 42.20 points.
A relief rally spread around the globe after crude oil prices rallied sharply on the back of speculation that the Federal Reserve rate hike could be delayed due to weak US macro data.
The strong rally overnight in the US has also helped Asian markets.
Despite a strong start, key indices briefly pared most intra-day gains in late afternoon trading and turned flat as fresh selling emerged in banking, healthcare, energy and realty stocks.

However, overshadowing the fag end sell-off, the market managed to post good gains.

The 50-share Nifty higher at 7,411.45 and oscillated between a high of 7,457.05 and a low of 7,365.95 before ending at 7,404.00, showing a smart rise of 42.20 points, or 0.57 per cent over its last close.
Sector wise, metal and resources turned out to be the best
Performer by surging 2.75 per cent. It was followed by infra (1.03 per cent), IT (0.82 per cent), auto (0.47 per cent), FMCG (0.37 per cent) and Nifty Bank (0.24 per cent).
However, media tumbled 1.20 per cent, followed by pharma (1.13 per cent), energy, PSU Bank and realty.

In the broader market, small-cap and mid-cap indices remained under pressure and lost 1.00 per cent and 0.18 per cent, respectively.
Major index movers were Infosys, L&T, Tata Motors, ONGC, Asian Paints, HDFC, Adani Ports, HDFC Bank, HUL, Kotak Bank, HCL-Tech, Power Grid, Vedanta, Bharti Airtel and Cairn.
The notable losers included Reliance, Idea, Lupin, SBI, Yes Bank, Cipla, NTPC, Bajaj Auto, Maruti, Zee and Gail.
Turnover in cash segment moved to Rs 16,898.46 crore from Rs 16,255.93 crore yesterday. A total of 9,548.53 lakh shares changed hands in 75,47,671 trades.
The market capitalisation of NSE stood at Rs 89,83,677 crore.