Nifty Ends Above 10,500-mark, Up 83.50 Points

Mumbai, May 24 (PTI) The NSE Nifty today rose by 83.50 points to 10,513.85 led by short-covering in IT, banking, pharma, financial service and metal stocks.

Dovish Federal Reserve minutes, correction in crude oil prices and the recovery in rupee also aided sentiments.

In the overseas markets, most European indices rose as miners and oil stocks rose though carmakers' shares came under pressure after the US launched a probe into auto imports. Asian shares settled mixed as the trade dispute between the US and China remained in focus.

Back home, the 50-share NSE Nifty closed at 10,513.85, up 83.50 points or 0.80 per cent. The index hit a high of 10,535.15 and a low of 10,419.80 during the day.

It saw an intra-day movement of about 115.35 points.

On the sectoral front, IT climbed by 2.31 percent followed by PSU Bank 1.74 percent, Pharma 1.70 percent, Bank 1.29 percent, Private Bank 1.26 percent, Finance service 1.20 percent, Metal 0.96 per cent, Infra 0.64 percent, Media 0.36 per cent and FMCG 0.30 percent.

On the other hand, Auto, Realty and Energy fell by 1.65, 0.70 and 0.44 per cent, respectively.

Major index gainers were BhartiAirtel, TCS, Infosys, Axis Bank, Sunpharma, Hindalco, Tata Steel, TechM and SBIN.

Losers included, Tata Motors, GAIL, ONGC, Grasim, Bajaj Auto, HindPetro, BPCL, Maruti and UltraCemCo.

The market breadth turned negative. A total of 818 scrips advanced, 970 declined and 80 remained unchanged. Total securities that have hit their price band were 209.

Turnover in the cash segment fell to Rs 28,863.34 crore from Rs 30,752.56 crore as on Wednesday.

A total of 13,268.62 lakh shares changed hands in 1,04,81,860 trades. The market capitalisation of the listed firms on the NSE stood at Rs 1,43,80,046.83 crore.

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