Nifty recovers 29 points on value buying

Equities recovered from its three-day losing streak following bouts of value buying in key frontline shares led the benchmark Nifty to garner 28.95 points to finish at 7,735.50.
Traders resorted to value buying in recently beaten-down shares amid initial choppy momentum loomed by weak Asian trend and global slowdown worries cautioning the sentiment, while passing of key finance bill in the parliament providing thrust on infrastructure and agriculture played supportive, a rebound in European market during afternoon led the buying spree taking index to the day's high of 7777.55 before closing with considerable gains.
Key Nifty index heavyweight Eicher Motors robust Q4 results also lifted the Auto segment.

Buying was led by FMCG, Pharma, Auto, IT and Financials counters, While selling was witnessed in Energy segment and the secondline midcap and smallcap shares traded lacklustre.
Elsewhere, Asian stocks showed mixed trend following slowdown in growth in China's services sector last month, while, European stocks were trading higher in their afternoon trade, buoyed by some solid corporate earnings.
The 50-share index resumed higher at 7,731.00 and hovered between 7,777.55 and 7,706.85 before closing at 7,735.50, showing a gain of 28.95 points, or 0.38 per cent.

Stockwise, major gainers were HDFC 2.90 per cent, TechM 2.66 per cent, BHEL 2.51 per cent, Tata Motors 2.45 per cent and L&T 2.17 per cent.

Notable losers were Idea 5.30 per cent, Adani Port 4.92 per cent, UltraCem 2.03 per cent, BhartiArtl 1.95 per cent and Infratel 1.36 per cent.
Turnover in cash segment moved up to Rs 16,298.68 crore compared with Rs 16,019.07 crore yesterday.
A total of 8,066.69 lakh shares changed hands in 70,53,365 trades. The market capitalisation of the NSE stood at Rs 93,79,897 crore.