Nifty soars 39 points on good buying; GAIL gains, NMDC down

Buying in FMCG, pharma, banking and auto shares helped the benchmark index Nifty to sustain the crucial 6,200 level and gain another 39 points on the National Stock Exchange (NSE) today.
The market saw a range-bound trade on the expiry day for February derivative contracts but overall sentiment was largely positive. Value picking as well as some short-covering supported the market, which was boosted by FII buying data.
Shares of state-owned gas distributor GAIL surged 3.36 per cent, while pharma major Dr Reddy's gained 2.31 per cent.
Diversified conglomerate ITC continued to show buying interest, rallying 2.11 per cent.
However, state-owned mineral producer NMDC dropped 3.57 per cent and Tata Steel lost 3.12 per cent on profit booking.

Foreign institutional investors (FIIs) bought shares worth a net Rs 423.41 crore yesterday, as per provisional data from stock exchanges.

The market opened higher amid volatility and pared gains during morning trade. The key index traded in positive zone during afternoon before ending with healthy gains.
The 50-share Nifty hovered between a high of 6,245.95 and a low of 6,202.10, before concluding at 6,238.80, showing a gain of 38.75 points, or 0.62 per cent.
Major gainers were Grasim, Sun Pharma, BPCL, HCL Tech, BHEL and Kotak Bank. Key losers included Sesa Sterlite, Tata Power, IndusInd Bank, UltraTech and Jindal Steel.

Turnover in the cash segment jumped to Rs 12,219.74 crore from Rs 9,329.18 crore yesterday. A total of 6,326.30 lakh shares changed hands in 53,75,191 trades. Market capitalisation stood at Rs 66,86,555 crore.