Nifty edges up to reclaim 5,900; retail stocks in limelight

The NSE benchmark Nifty finally managed to close above the 5,900 mark today on strong buying as investors bet on FDI in multi-brand retail trade getting approval in the Lok Sabha.

The index hit an intra-day high of 5,917.80, its highest level since April 13, 2011, before ending with 11-point gain.

Besides financial, metal, oil & gas and FMCG scrips, strong buying interest was also seen in retail stocks ahead of crucial vote on FDI. Technology, power and infra-related stocks witnessed profit-taking.

After a positive start, the market mostly traded in a tight range throughout the session as the Lok Sabha debated on allowing global supermarket chains in India.

However, optimism that the government will eventually win the crucial vote in Parliament kept the momentum going.

Meanwhile, Asian stocks rallied to multi-month highs led by Chinese equities on hopes for an economic recovery in the world's second-largest economy following positive comments by Communist Party chief.

The 50-share Nifty moved in a range of 5,917.80 and 5,891.35 before concluding at 5,900.50, a modest gain of 11.25 points, or 0.19 per cent, over the last close.

Sesa Goa, DLF, Hindalco, PNB, BPCL, Tata Steel, SBIN, Bank of Baroda, IDFC and ITC were the top gainers from the Nifty bunch. The laggards included Tata Power, Infosys, Wipro, HCL-Tech, UltraTech, Kotak Bank, Bajaj Auto, JIndal Steel, Coal India and JP Associates.

The turnover in cash segment rose to Rs 13,144.13 crore from Rs 12,569.86 crore yesterday. Overall, 8,802.17 lakh shares changed hands in 65,87,174 trades. Total market capitalisation stood at Rs 66,60,612 crore.