Earnings, optimism drive market higher; Nifty jumps 101 pts

Aug 12 2014, 21:02 IST
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SummaryA massive wave of buying frenzy, triggered by robust corporate earnings as well as better global sentiment, powered the benchmark Nifty to reclaim the psychological 7,700 mark on the National Stock Exchange (NSE).

A massive wave of buying frenzy, triggered by robust corporate earnings as well as better global sentiment, powered the benchmark Nifty to reclaim the psychological 7,700 mark on the National Stock Exchange (NSE).

Strong gains in financials, energy, auto, healthcare, metal and infra stocks mainly provided an upward momentum.

Sentiment remained upbeat after the market regulator SEBI approved the new norms for setting up real estate investment trusts (REITs).

Better global sentiment against the backdrop of easing geopolitical jitters as well as continued rally in US stocks also soothened the nerves of anxious investors.

The broader 50-issue CNX Nifty zoomed by 101.10 points, or 1.33 per cent to conclude at 7,727.05 after hitting an intra-day high of 7,735.75.

Elsewhere, most Asian and emerging market finished higher which Chinese equities slipped ahead of the economic data.

Index of Industrial Production (IIP) for the month of June and consumer price index (CPI) of July are due for release later today.

Shares of Tata Motors remained investors' darlings for the second day, surging over 6 per cent following robust Q1 earnings.

Other biggest index gainers included HDFC, ONGC, ICICI Bank, HDFC Bank, L&T, Sun Pharma, GAIL, Ultracemco, Axis Bank, NTPC, Reliance, Bank of Baroda and Jindal Steel.

Among the losers were Bharti Airtel, Tata Power, Maruti, Hindalco, Heromotoco and ITC.

Turnover in the cash segment rose to Rs 13,315.89 crore from Rs 12,048.72 crore yesterday. A total of 6,478.83 lakh shares changed hands in 57,63,579 trades, while total market capitalisation stood at Rs 88,07,582 crore.

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