Nifty snaps two-day losing run, ends above 8600-level

Mumbai, Aug 29 (PTI) After two-day correction, benchmarkNSE Nifty rose during the fag end of trade to close above 8600level, up 35 points on late bouts of buying in media, auto,energy, PSU Bank and infra stocks despite weak global cues. On global front, European stocks were trading lower as theUS dollar strengthened after hawkish comments from the USFederal Reserve head indicated interest rates could be raisedsooner than expected, and due to weak oil prices. Japan’sNikkei climbed 2.3 percent, boosted by a weaker yen, whileother Asian markets struggled. The 50-share Nifty opened lower at 8,583.75 and hoveredbetween 8,622 and 8,543.75, before ending at 8,602.45, showinga rise of 34.90 points or 0.41 per cent from its last close.It witnessed an intra-day movement of about 78.25 points. On sectoral front, media climbed by 2.58 per cent followedby auto (1.66 per cent), energy (1.26 per cent), Metal (1.09per cent), PSU Bank (0.88 per cent) and Infra (0.78 per cent). However, Nifty IT fell by 1.31 per cent and Pharma 0.11per cent. Notable index gainers were Zeel (4.76 percent), TataMotors (4.28 per cent), HeroMotoco (3.24 per cent), Reliance(2.87 per cent), TataMtrDvr (2.55 per cent), Hindalco (2.45per cent), Larsen (2.23 per cent), ICICI Bank (2.12 per cent)and Adaniports (2.08 per cent). Notable laggards included HCL Tech (3.04 per cent),InfraTel (2.54 per cent), Wipro (2.29 per cent), TechM (2.26per cent), Lupin (2.13 per cent), HDFC Bank (1.48 per cent)and Asian Paints (1.31 per cent). A total of 889 scrips declined, 711 advanced, while 80remained unchanged. Total securities that hit their pricebands were 104. Turnover in cash segment fell to Rs 16,276.17 crore fromRs 17,712.07 crore as on last Friday. A total of 8,296.92 lakh shares changed hands in 71,20,964trades. The market capitalisation of NSE stood at Rs1,07,45,247.65 crore. PTI ARRABK