Stocks rebound after seven-day fall amid political storm

Equities bounced back, halting a seven-day slide on value buying in select counters with the benchmark Nifty gaining by 39 points.
Trading sentiment was largely dominated by the Delhi assembly election outcome as market witnessed huge swings throughout the session.
After overcoming initial nervousness, the key indices quickly regained strength to reclaim the significant 8,600- level briefly with across the board buying following positive macro outlook as government data showed the economy is likely to grow at a faster pace of 7.4 per cent in the current fiscal as against 6.9 per cent in 2013-14.
But bourses erased most of the initial gains in noon trade due to profit-taking before concluding the trade with modest gains led by short-covering.

Elsewhere in the region, equities ended mixed on concerns over Greece turmoil as well as softening economic data from the second largest economy, China.
The broader 50-share Nifty fluctuated between a high of 8,646.25 and a low of 8,470.50 before ending at 8,565.55, showing a rise of 39.20 points, or 0.46 per cent.

Financials, predominantly banking stocks were in demand after recent sharp correction on concerns over deteriorating asset quality with the sectoral indices topping the peers. Auto, Metal and infra also notched up handsome gains.
However, Energy, Technology, Healthcare and Realty remained under intense selling pressure.
The biggest index gainers were ICICI Bank, Tata Motors, Infosys, HDFC Bank, SBI, M&M, ITC, Asian Paints, Power Grid, Kotak Mahindra, Sesa Sterlite, Indusind Bank, Tata Steel, ACC, Grasim, Cipla, Gail, Coal India, Lupin, IDFC and Hindalco.

Among the major losers included TCS, HDFC, Reliance, Sun Pharma, HCL-Tech, HUL, Tech-M, BPCL, Wipro, ONGC and NTPC.
Turnover in the cash segment jumped to Rs 19,753.32 crore from Rs 15,277.25 crore yesterday. A total of 9,503.4 lakh shares changed hands in 83,18,988 trades. The market capitalisation at NSE stood at Rs 98,32,405 crore.