NSE Nifty up 6 points on select buying

In the backdrop of bearish sentiment across Asia, domestic bourses opened on a flat note amid cautiousness as disappointed investors remained on sidelines after the RBI policy measures to prop up rupee fell short of expectations.

Europe and US markets fell sharply overnight on renewed fears about contagious impact of the sovereign debt crisis in eurozone after economic situation deteriorated in Spain and Cyprus.

The market managed to overcome initial weakness and gradually moved up to trade in positive zone on firm buying in bluechip heavyweights and rate-sensitive counters.

The key index remained range-bound throughout the session amid high volatility in the futures and options (F&O) contract expiry week, before concluding with modest gains.

Oil & gas, pharma, bank and auto counters attracted good buying activity, while FMCG, metal and technology stocks witnessed heavy profit-taking.

The 50-share Nifty oscillated between a high of 5,134.55 and a low of 5,095.50 before settling at 5,120.80, up 6.15 points, or 0.12 per cent, over the last close.

Gail, Grasim, Tata Power, Power Grid, Siemens, ONGC, Ambuja Cement, Bank of Baroda, TCS and HDFC Bank were the top gainers from Nifty. However, Sail, HUL, Sesa Goa, Asian Paints, Sterlite Industries, Infosys, ITC, HCL Tech, Axis Bank and Tata Steel ended with losses.

The turnover in cash segment fell to Rs 7,616 crore against Rs 8,724.69 crore yesterday. In all, 4,855.36 lakh shares changed hands in 42,45,403 trades. Market capitalisation stood at Rs 58,73,706 crore.