Nifty recovers to reach new highs, up 24 pts

After overnight respite, the broader benchmark Nifty witnessed a bounce-back, as firm buying in key frontline shares in FMCG, Energy, Banking, infra and realty counters took it to close at a new life-time high of 7,276.40 at the National Stock Exchange (NSE) here today.
Investors opted for value-buying in shares considered augmenting economic growth.
The index soared to 7,319.55 during intra-day trade before profit-booking in IT stocks brought it down a little.
Shares from Mid-cap and small-cap companies extended the rally by gaining 1.74 per cent and 3.00 per cent respectively.
Meanwhile, Foreign Institutional Investors sold out shares worth Rs 266.22 crore yesterday, as per the provisional data with stock exchanges.

Realty stocks were in limelight with DLF surging by 9.44 percent, Energy major NTPC by 5.87 percent, Coal India 5.12 percent, Maruti by 4.41 percent, SSLT 3.95 percent and Reliance by 2.08 per cent.

However, Hindalco witnessed profit-booking and went down by 2.88 per cent, BHEL by 2.82 per cent and Wipro by 1.95 percent.
Meanwhile, Asian markets gained, while Europeans had mixed openings.
The Nifty hit a high of 7,319.55 and a low of 7,258.15 before settling at 7,276.40, showing a rise of 23.50 points, or 0.32 per cent.
Other gainers included Tata Power, IDFC, GAIL, and SBIN. The losers were HDFC, Bharati Airtl, Jindal Steel, Asian Paint, M&M, Tata Motors and ONGC.

Turnover in the cash segment climbed to Rs 24,951.23 crore from Rs 22,652.32 crore yesterday. A total of 18,982.90 lakh shares changed hands in 11,101,925 trades, while market capitalisation stood at Rs 82,94,270 crore.