NSE Nifty up 26 points on reform buzz; Maruti takes a hit

Trading began on a strong note on the back of buoyant global cues and firm buying in frontline blue-chips, capital goods and auto counters along with beaten down tech stocks.

The index maintained the strong momentum and touched intra-day high in mid afternoon. It witnessed bouts of profit- taking at higher levels, surrendering parts of early gains.

However, it regained strength towards the final hours of trade on attractive low-level buying amid firm European bourses, which scaled to fresh 11-week high.

Trading sentiment was upbeat on expectations of swift implementation of long-pending policies to boost investment and invite foreign firms in key sectors, traders said.

Technology, oil & energy and metal stocks attracted good buying interest, while auto, FMCG, pharma, telecom and select PSU banking scrips saw profit-taking. Maruti fell more than 8 per cent due to labour unrest in its Manesar plant.

On the global front, Asian markets closed higher, taking cues from overnight rally in US stocks on the back of strong corporate earnings as well as positive housing data.

The 50-share Nifty traded between a high of 5,257.75 and a low of 5,233.15 before closing at 5,242.70, a rise of 26.40 points, or 0.51 per cent, over the last close.

Cairn, BPCL, Infosys, IDFC, BHEL, Sterlite Industries, Tata Power, Bajaj Auto, Hindalco and Axis Bank were the top perrcentage wise gainers from the Nifty bunch. Maruti, Bank of Baroda, Kotak Bank, Bharti Airtel, SBIN, PNB, Asian Paints, Dr Reddy's, Hero Motocor and ACC ended with losses.

The turnover in cash segment surged to Rs 9,582.45 crore against Rs 8,856.50 crore yesterday. In all, 5,275.30 lakh shares changed hands in 49,86,567 trades. Market capitalisation stood at Rs 60,13,715 crore.