Nifty recovers slightly, ends 17 points up

The benchmark Nifty recovered slightly from its previous two-session losses following buying in key heavyweights, gaining a modest 16.85 points to end at 8,592.15.
The session witnessed intense volatility in the midst of largely weak Asian markets as the index transversed between gains and losses during intra-day marking a high of 8,601.15 and low of 8,540.05.
Profitbooking continued to weigh the sentiment on dismal earning results and caution ahead of June III and retail inflation data for July to be released tomorrow, however, bouts of value buying in key heavy weights of FMCG, Energy and private banks helped the index to end green.

Counter-wise buying was led by FMCG (1.86 pct), Energy (0.77 pct), consumption (0.54 pct), Private Bank (0.43 pct), financials (0.42 pct), IT (0.41 pct) and pharma (0.13 pct).
While, shares of Bank of Baroda slumped 9.01 per cent after the company reported a massive 60 per cent plunge in standalone net profit for the first quarter ended June 2016.
Also, PSU banks continued to see selling pressure dropping by 2.82 pct followed by metal (0.80 pct) and realty (0.54 pct).

The secondline shares traded lackluster with broader Midcap slightly up by 0.20 pct and Smallcap down by 0.34 pct.
The 50-share Nifty opened flat at 8,572.80 and hovered between 8,601.15 and 8,540.05 before closing at 8,592.15, showing a mild gain of 16.85 points, or 0.2 per cent.

Stockwise, Idea gained by 2.69 pct, Eicher Mot 2.43 pct, Lupin 2.34 pct, BPCL 2.28 pct, ITC 2.09 pct, ICICI bank 1.40 pct, TCS 1.29 pct and Reliance 1.04 pct.
While notable losers include, Bank of Baroda 9.01 pct, Grasim 6.27 pct, Infratel 2.74 pct, Zeel 2.62 pct and Hindalco 2.43 pct.
Elsewhere, Asia markets ended mixed as a rise in US crude-oil inventory and expanding production in Saudi Arabia hit oil prices, while, European stocks were trading higher in their afternoon trade helped by well-received corporate updates.
Turnover in cash segment surged to Rs 22,830.43 crore from Rs 20,846.40 crore yesterday.

A total of 10,288.63 lakh shares changed hands in 79,45,215 trades. The market capitalisation of NSE stood at Rs 106,30,791 crore.