Nifty closes by over 63 points on bargain hunting

Bullish global cues and bargain hunting supported the bourses to extend their overnight gains as the benchmark CNX Nifty finished higher by over 63 points at the National Stock Exchange (NSE) here today.

The 50-share index touched a high of 5,485.80 before concluding at 5,476.10, a net gain of 63.75 points, or 1.18%, over its last close.

The session commenced on a highly positive note, carrying over the overnight gains influenced by global firmness, and buying was visible in almost all sectors.

The low-level buying spree continued with a tinge of short covering while the market gradually consolidated gains.

Though some profit booking was noticed during mid-afternoon trade, the index concluded the session on a higher note on the first day of the June series.

Hectic buying was witnessed in banking, realty, oil & gas, technology and FMCG counters.

Hindalco, IDFC, RCom, RPower, ICICI Bank, Reliance Infra, DLF, JP Associates, ONGC and Reliance Capital were the top gainers.

Tata Motors from the auto space took a severe beating on concerns over the company's statement that rising interest rates and slower industrial growth could impact the commercial vehicle demand in future.

Besides Tata Motors, other prominent losers were HUL, Ambuja Cement, GAIL, Hero Honda, NTPC and Grasim.

Total turnover in cash segment dropped to Rs11,793.71 crore from Rs14,111 crore yesterday. A total of 5,421.61 lakh shares changed hands in 58,72,867 trades.