NSE Nifty recoups losses in choppy trade

Select buying in frontline stocks helped the benchmark CNX Nifty to rebound from early losses and close higher by 3 points on the National Stock Exchange (NSE) today despite weak global sentiments.
The 50-share index swung widely between a high of 5,844.30 and a low of 5,791.55 before ending at 5,836.90, up 2.50 points, or 0.89 per cent, over the last close.
Sidelining sluggish global cues, trading commenced on a firm note, but soon lost momentum and slipped into negative terrain as profit-taking, mainly in financial stocks, emerged.
The Nifty moved in a tight range before breaking the key support level of 5,800 in afternoon as traders squared off their positions ahead of the April derivatives series expiry on Thursday.

However, market rebounded sharply towards the closing hours due to firm buying in beaten down technology counters along with select energy and pharma stocks.
Banking counters saw good amount of profit taking after recent gains. Shares of HDFC Bank slipped despite the second-largest private sector lender posting a robust 30 per cent growth in Q4 net profit. FMCG, infra, metal and auto stocks too witnessed selling pressure.

Investors remained cautious ahead of tomorrow's trading holiday (on account of "Mahavir Jayanti") and monthly settlement in derivatives segment on Thursday, traders said.
Globally, Asian markets retreated sharply from multi- year highs following disappointing manufacturing data from China amid renewed fears of a slowdown in the world's second largest economy.

European stocks were up in early afternoon trade buoyed by positive Spanish bond auction and better-than- expected French manufacturing data.
Bajaj Auto, HeroMoto, Sun Pharma, Kotak Bank, Grasim, Reliance, HCL Tech, NMDC, JP Associates and ICICI Bank were top gainers from the Nifty pack. Notable losers included Jindal Steel, DLF, HDFC Bank, SBIN, LT, IDFC, GAIL, BHEL, Reliance Infra and Cairn.
Turnover in the cash segment dropped sharply to Rs 9,974.32 crore from Rs 11,539.15 crore yesterday. A total of 6,147.83 lakh shares changed hands in 53,07,404 trades. Market capitalisation stood at Rs 63,99,504 crore.