A sharp bounce back from its highly volatile situation on the back of heavy fund buying in frontline counters propelled the benchmark S&P CNX Nifty to close above 5900 mark at the National Stock Exchange (NSE).

The 50—share index witnessed wide swings between 5,913.50 and 5,795.90 before closing at 5,907.65, a net gain of 50.30 points, or 0.86 per cent, over its last close.

Resuming slightly higher with positive undertone after last weekend’s pull-back rally, the market soon developed volatility due to heavy profit selling. The cut was so deep that the key index reached the day’s low of 5,795 points.

However, the market took a sudden U-turn on strong low level buying in heavy-weights by funds along with shortcoverings, helping the index to rebound sharply and close above the important 5900—level.

Good buying was witnessed in beaten down realty counters, followed by metal and auto space.

Reliance Infra, HDFC, DLF, SAIL, Tata Motors, Siemens, Tata Power, Hindalco, PNB and Cipla were the top gainers from the Nifty. However, Ambuja Cements, ACC, M&M, ITC, Ranbaxy, BPCL and Kotak Bank registered losses.

Total turnover in cash segment dropped sharply to Rs. 13,332 crore from Rs 17,187 crore last Friday. A total of 6,955.72 lakh shares changed hands in 60,75,175 trades. The market capitalisation stood at Rs .68,86,782 crore.

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