Nifty snaps 2-day losing streak, recovers 42 pts

The NSE 50-share Nifty snapped its two-day losing streak today, recovering by 42 points to end at 8,128.75 due to fag-end buying on hopes of a rate cut by RBI amid higher European cues.
However, foreign capital outflows restricted the Nifty's gains.
The 50-share index opened higher at 8,088.75 and hovered in a range of 8,141.90 and 8,056.85 before ending at 8,128.75, showing a recovery of 41.95 points or 0.52 per cent.
"Considering mixed global cues from equity markets, our benchmark index Nifty opened on a flat note with a gain of 2 points at 8,089 levels, but fell afterwards on profit-booking during the afternoon. However, it recovered at the fag-end of the session due to higher European cues," said Digesh Shah, Research Analyst at Veracity Financial Services.

On the sectoral front, it was across-the-board buying led by auto and metal indices which gained 1.77 per cent and 1.51 per cent respectively, while IT index bucked the trend by losing 0.87 per cent.
Major gainers were Asian Paints (3.62 per cent), Hindalco (3.41 per cent), Lupin (3.14 per cent), M&M (3.12 per cent) and Yes Bank (2.90 per cent).

However, Tata Chem fell by 2.32 per cent, HDFC 1.72 per cent, TCS 1.61 per cent, Gail India 1.26 per cent and Idea 1.09 per cent.
A total of 915 scrips advanced, 696 fell while 94 remained unchanged. Total securities that hit their price bands were 94.

Turnover in the cash segment dropped to Rs 14,419.37 crore from Rs 16,805.41 crore on Friday.
A total of 6,782.88 lakh shares changed hands in 6,677,184 trades. The market capitalisation of NSE stood at Rs 10,473,398 crore.