Mumbai, May 28 - The market staged a smart recovery today as investors went on an across the board bargain hunting spree, driving the benchmark Nifty higher by 65.25 points at the National Stock Exchange(NSE).
Trading began on a quiet note with modest buying in select frontlines, banking, capital goods and auto counters, helping the key index to stay in green. The market gradually picked up momentum but trading was mostly rangebound till mid- afternoon as some profit taking was seen at higher levels.
The late afternoon trade witnessed active buying with major support coming in from banking, FMCG, auto, technology, capital goods and infra-related counters, taking the market to day's high before concluding with good gains.
On the global front, Asian markets saw a mixed trend, while European stocks extended their rally on renewed optimism over weekend opinion polls suggesting Greece's pro- bailout parties may be able to form a Government committed to staying in the euro zone.
Signs of stability in global markets, along with strong recovery in the rupee, mainly prompted investors to go for fundamentally strong beaten down stocks, triggering a strong pull back rally today, traders said.
The 50-share index opened higher at 4,931.70 and hit an intra-day high of 4,994.95 before concluding at 4,985.65, a gain of 65.25 points, or 1.33 per cent, over the last close.
SBIN, BHEL, Tata Power, Sesa Goa, Axis Bank, Tata Motors, Bank of Baroda, Power Grid and Hindalco were the top percentage-wise gainers from the Nifty pack.
GAIL, BPCL, Maruti, ONGC, Ranbaxy, HUL, Siemens, Jindal Steel and Sun Pharma topped the losers' list.
Turnover in cash segment declined to Rs 7,386.83 crore from Rs 8,120.96 crore on last Friday. In all, 4,519.94 lakh shares changed hands in 41,50,123 trades. Market capitalisation stood at Rs 57,42,210 crore. PTI