Brokers said besides profit booking by retail investors and funds, a mixed trend in global markets led to the decline of domestic stocks.
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The 50-issue NSE Nifty cracked below 8,900 by falling 85.80 points or 0.96% to end at 8,866.70.
However, on emergence of buying it staged a strong comeback to hit a high of 29,077.28 before finally settling 118.92 points or 0.41 per cent higher at 29,045.28, its highest closing since April 13, last year.
The Sensitive Index (Sensex) of the BSE, which had closed at 28,926.36 points on Wednesday, opened higher at 28,929.46.
At 1202 hours, Sensex was trading at at 28,811.02, down 234.26 points, or 0.81%.
A cautious stance by participants ahead of IIP data, also influenced the sentiment, they said.
However, value buying at lower levels aided the equity markets to pare their losses.
“Market turned positive with continued liquidity while IT bellwethers were the laggards today due to reduction in revenue estimate, which capped the upside”, said Vinod Nair, Head of Research at Geojit BNP Paribas Financial Services.
The rupee opened lower by 11 paise at 66.47/$ against US Dollar Thursday as against the previous close of 66.36/$.
According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls: “IT stocks traded firm, while banking and pharma stocks traded with mixed sentiments due to profit booking. Aviation stocks traded down on lack of buying support”.
Mumbai, Sept. 6: Receding fears of a rate hike in the U.S. following weak jobs data there led to a strong rally on the stock markets and a surge in the rupee value today, with the Sensex breaching the 29000-mark in intra-day trade and the Nifty closing above 8900.
Asian Paints was the top loser with a deficit of 1.92 per cent followed by HDFC Ltd (1.87 pc), Axis Bank (1.72 pc), NTPC (1.50 pc), TCS (1.49 pc), GAIL (1.47 pc) Power Grid (1.42 pc), HDFC Bank (0.87 pc) and Bajaj Auto (0.69 pc).
In terms of investments, provisional data with the exchanges showed that the foreign institutional investors (FIIs) sold stocks worth Rs 315.24 crore, whereas the domestic institutional investors (DIIs) divested scrip worth Rs 328.26 crore. Major indices like Dow Jones, S&P 500 and NASDAQ all closed with the gains of 0.25; 0.30 and 0.50 per cent respectively.
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The Nifty too fell by 25.05 points or 0.28 per cent.
