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Nifty recovers 122 pts, ends above 10,700

Mumbai, May 31 (PTI) NSE benchmark Nifty staged a smart recovery today by climbing 121.80 points today on sustained buying in shares of banks, financial and energy sectors tracking firm global cues.

Hectic short-covering bets in view of derivative expiry day for May series along with optimism ahead of key GDP data scheduled to be released late in the day bolstered the trading sentiment.

Overseas, most European stocks were trading higher, but trading in May was set to wrap up with auto makers under pressure as the European Union braces for US-imposed tariffs on steel and aluminum.

Asian stocks ended higher as elevated concerns over Italy's deepening political crisis showed signs of abating.

The 50-issue NSE Nifty ended above the psychological 10,700-level at 10,736.15, showing a gain of 121.80 points, or 1.15 per cent, it shuttled between 10,763.80 and 10,620.40.

Sector-wise, Nifty Bank rose by 2.39 per cent, followed by private banks 2.18 per cent, finance services 2.13 per cent, energy 0.91 per cent, IT 0.80 per cent, FMCG 0.55 per cent and PSU banks 0.35 per cent, while pharmacy fell by 1.21 per cent, media 0.88 per cent, realty 0.71 per cent, metal 0.46 per cent and auto 0.27 per cent. PTI RD SHW MKJ

Disclaimer: This story has not been edited by BW staff and is auto-generated from a syndicated feed.


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