Nifty snaps 4-day losing streak, recover by 18 points

The benchmark Nifty snapped 4-day losing streak to recover by 18 points toward the fag-end trade on value buying mainly finance, banks, auto, energy and FMCG stocks amid skymet raising monsoon forecast.
An upward revision in monsoon forecast for the June- September 2016 south west monsoon season from private weather forecaster Skymet and gains in European stocks aided the upmove on the domestic bourses.
In overseas stock markets, European stocks reversed initial losses after the Federal Statistical Office in Germany said German economic growth accelerated at the start of the year helped by robust domestic demand. Asian stocks dropped as speculation mounted that the US Federal Reserve will raise interest rates as early as next month.

The 50-share Nifty resumed slightly higher at 7,738.05 and moved in a range of 7,761.55 and 7,715.80 before ending at 7,748.85, showing a rise of 17.80 points or 0.23 percent.
On the sectoral front, Finance rose by (0.67 pct), Auto (0.31 pct), Banks (0.30 pct)and FMCG (0.23 pct).
However, Pharma declined by 0.98 pct, Realty 0.20 pct, Media 0.19 pct and IT by 0.14 percent.

Among the Index gainers were, NTPC rose by 2.06 pct followed by ACC 1.99 pct, Tata Motors 1.93 pct, Grasim 1.88 pct and UltraCemco 1.67 per cent.
While, AuroPharma fell by 4.20 pct, BPCL 2.81 pct, Idea 2.54 pct, Bajaj Auto 1.75 pct, SunPharma 1.56 pct and Bank Of Baroda 1.37 pct.

1075 shares declined, 492 rose, while 64 ruled steady.
Turnover in cash segment rose to Rs 15,171.69 crs from Rs 14,600.95 crs previously. A total of 8,028.67 lakh shares changed hands in 70,56,574 trades.
The market capitalisation of NSE stood at Rs 93,47,162 crore.