Nifty settle above 8,700-level, gains 16 points

Nifty rose 15.90 points to close above the crucial 8,700 level amid buying in key heavy-weights of banking, energy, auto, financials and FMCG counters supported by higher global cues.
The market largely steered by ongoing earning's announcement and stock-specific news, it witnessed volatility, while bouts of short-covering is also seen due to October derivative expiry day this week, as the key indices ended modestly green.
State owned energy major ONGC rose by nearly 5 per cent today on reports of board will consider issuing a bonus share this Thursday to increase liquidity ahead of government disinvestment.
While, shares of Wipro ended 3.05 per cent lower after the company projected dismal revenue guidance, despite consolidated profit at Rs 2,070.4 crore for the second quarter (July-September) on sequential basis.

Elsewhere, Asian markets gained in volatile trade led by gains in Chinese stock market, while European stocks were also trading higher in their afternoon trade as investors focused on fresh economic data and corporate earnings.
The 50-share Nifty opened higher at 8,709.85 and moved in a range of 8,736.95 and 8,684.15 before closing at 8,708.95, showing a gain of 15.90 points or 0.18 per cent from its last close.

Stock-wise, the gainers were ONGC (4.49 per cent), Tata Motors (2.81 per cent), BPCL (2.69 per cent), ICICI Bank (2.58 per cent), Coal India (2.54 per cent), SBIN (1.72 per cent) and Infratel (1.69 per cent).

Notable losers included Idea (4.00 per cent), Wipro (3.05 per cent), HCL Tech (2.54 per cent), Asian Paint (2.25 per cent) and Zeel (2.07 per cent).
A total of 936 scrips advanced, 701 declined while 76 remained unchanged. Total securities that hit their price bands were 117.
Turnover in cash segment dropped to Rs 18,598.53 crore from Rs 20,280.97 crore last Friday.
A total of 10,823.40 lakh shares changed hands in 7,544,651 trades. The market capitalisation of NSE stood at Rs 11,211,244 crore.