NSE Nifty up 12 points; cement, FMCG, metal stocks gain

It was another quiet session with the market consolidating its recent gains. Trading activities from retail investors were generally subdued due to lack of major cues and also uncertainty in the global markets.

Trading began on a positive note after a holiday with firm buying in frontline blue-chips stocks amidst sluggish overseas sentiment. The strengthening rupee against the US dollar played a dominant role in early trade.

The early action was largely confined to specific stocks and mid-cap counters. The market encountered profit taking at higher levels in mid-afternoon and slipped into the red before rebounding and settling in the positive zone.

Domestic investors remained on the sidelines as valuations looked a bit stretched ahead of September quarterly earnings season, traders said.

Oil & gas, pharma, FMCG and metal stocks attracted good buying support along with cement shares. Cement shares extended their recent rally on hopes of more infrastructure -related initiatives from the Government.

On the global front, Asian markets ended mixed on concerns over deteriorating global growth profile amid doubts on Spain's bailout and ECB's rate decision on Thursday.

The 50-share Nifty traded in narrow band of 5,743.25 and 5,715.80 before settling at 5,731.25, posting a marginal rise of 12.45 points, or 0.22 per cent, over the last close.

IDFC, Siemens, Ambuja Cement, HUL, Dr Reddy's, Coal India, JP Associates, Sesa Goa and Reliance were the top percentage-wise Nifty gainers. The losers included Jindal Steel, Power Grid, Hero MotoCorp, Bajaj Auto, Axis Bank, Tata Power, Infosys, Kotak Bank, BPCL and Bank of Baroda.

The turnover in cash segment rose to Rs 13,925.09 crore from Rs 10,486.43 crore on Monday. Overall, 7,867.46 lakh shares changed hands in 71,15,541 trades. Total market capitalisation stood at Rs 64,90,325 crore.