Nifty reclaims 8,400-level in late buying; Kotak Bank surges

Firm buying in frontline stocks, led by technology and healthcare, helped the benchmark Nifty to reclaim the 8,400-level on National Stock Exchange today.
After trading in a narrow range amid choppiness in the backdrop of sluggish global cues and a weak rupee, sentiment perked up towards the tail-end as the 50-share index ended with modest gains.
The recovery was led by technology and healthcare counters following a drop in the rupee value against the dollar. Financial, FMCG and energy stocks rebounded modestly.
However, continued profit-booking in auto, metal and infra stocks kept the market under check and capped the gains.

The Nifty fluctuated between a high of 8,410.85 and a low of 8,353.15 before concluding at 8,401.90, posting a gain of 19.60 points, or 0.23 per cent, over the last close.
On the other hand, the mood was a bit bearish across Asia following release of disappointing manufacturing data out of China and eurozone. Barring Japan's Nikkei 225, most Asian equity markets ended weak.

Private lender Kotak Mahindra Bank was the biggest gainer from the Nifty pack, surging 7.35 per cent on acquisition of ING Vysya Bank.
Other index movers included Infosys, TCS, ITC, ONGC, Tech Mahindra, Cipla, HDFC, ICICI Bank, Wipro, HCL Tech, SBI, Lupin, Asian Paints, RIL, Cairn, Hindalco, Tata Power and HUL.

Key losers were HDFC Bank, Zee, L&T, Tata Motors, M&M, Sesa Sterlite, Axis Bank, Bharti Airtel, NMDC, Tata Steel, NTPC, Bajaj Auto, Jindal Steel and Bank of Baroda.
Turnover in the cash segment dropped to Rs 15,533.13 crore from Rs 18,439.57 crore yesterday. A total of 8,240.54 lakh shares changed hands in 69,70,959 trades, while market capitalisation stood at Rs 96,21,617 crore.