Nifty spikes 31 pts on buying support; Tech stocks cool off

Bourses continued to witness strong momentum on sustained buying led by frontline heavyweights amid global buoyancy as the benchmark CNX Nifty today surged by 31 points on the National Stock Exchange(NSE).
FMCG stocks were keen in demand for the second day in strong response to the successful nearly USD 5 billion open offer by the parent Anglo Dutch firm Unilever to raise its stake in Indian subsidiary HUL to 67 per cent. The stock touched all-time high in early trade before closing at Rs 609.35.
Energy, financials, metal and auto counters also attracted good buying interest.
Extending its overnight rally, market got off to a very strong start on across the board buying spree with the key equity index retracing the key important 5,900 level briefly before succumbing to profit-taking.

Heavy unwinding, mainly in technology stocks after yesterday's stellar rally and capital goods stocks, forced the market to surrender some of its early gains.
Elsewhere in Asia, markets rallied to multi-month highs buoyed by European Central bank decision to keep interest rates low for a long time ahead of crucial US job data outcome amid easing some concerns about Chinese credit worries.

The 50-share Nifty fluctuated between a high of 5,900.45 and a low of 5,858.45 before ending at 5,867.90, posting a gain of 30.95 points, 0.53 per cent, over its previous close.
IDFC, JP Associates, Jindal Steel, NMDC, Asian Paint, Bank of Baroda, ONGC, BHEL, Reliance and HDFC Bank were among the top gainers from the Nifty index.

Notable losers included GAIL, Bharti Airtel, Lupin, ICICI Bank, M&M, Heromotoco, HCL Tech, Coal India, DLF and TCS.
Turnover in the cash segment dropped to Rs 8,238.55 crore from Rs 10,195.54 crore yesterday. A total of 4,888.09 lakh shares changed hands in 45,377,40 trades. The market capitalisation stood at Rs 62,65,066 crore.