Nifty snaps three-day fall, up by 57 points on late buying

Breaking three-day of losing string, the CNX Nifty of NSE bounced back from mid-session losses and closed up by 57 points at 7,968.85 on late buying triggered by ratings agency Standard and Poor's upgrading India's credit rating today, from negative to stable.
International credit rating agency, Standard & Poors (S&P) today revised country's credit rating outlook to stable from negative on positive macro economic data, revival of growth and Centre's capacity to push reforms, putting India back on the high growth path.
Shares from PSU banks, metal, realty, energy and finance segments were in the limelight while FMCG and IT stocks attracted profit-booking.

Asian stocks, barring China and Singapore, ended negative while European markets were trading mixed in afternoon deals.
The broadbased 50-issue CNX Nifty commenced weak and touched an intra-day low of 7,841.80 -- 6 week low -- before rebounding to settle at 7,968.85, showing a net rise of 57 points, or 0.72 per centt. In last three sessions, it had stumbled by 234.45, or 2.88 per cent.
Top five gainers from the Nifty pack were Hindalco 5.43 per cent, Jindal Steel 5.17 per cent, DLF 4.47 per cent, NMDC 4.45 per cent and Sun Pharma 4.18 per cent while top five losers were Dr Reddy's Lab 2.66 per cent, GAIL 1.86 per cent, HDFC 1.75 per cent, ITC 1.31 per cent and Hero MotoCorp 1.23 per cent.

Foreign Portfolio Investors and Foreign Institutional Investors offloaded shares worth 1,133.64 crore today, as per provisional data.
Turnover in the cash segment dropped to Rs 17,458.64 crore from Rs 22,437.48 crore yesterday. A total of 10,337.74 lakh shares changed hands in 81,70,944 trades, while market capitalisation stood at Rs 91,31,540 crore.