Nifty surges 45 pts on global rally; tech stocks flare up
Technology counters spearheaded the upsurge with bigwigs TCS and Infosys hitting fresh multi-month highs on optimism over better earnings prospects following improvement in US economy, the biggest market for Indian IT firms.
Elsewhere, FMCG, financials, auto, pharma and infra- related counters also attracted strong buying.
Earlier, the market got off to a weak start after two days of stellar rally following some profit-taking and lacklustre Asian cues. Most of the action was confined to second line counters.
The key index remained range-bound amid choppiness as retail investors awaited cues from European peers ahead of ECB and Bank of England policy meet outcome.
The market staged a sudden turnaround in late afternoon on aggressive across-the-board buying, leading the benchmark to close at its highest level in nearly two weeks.
Globally, the Dow Jones Industrial Average continued its record-breaking rally on robust US economic data. Asian stocks ended mixed in a cautious trade, though the Nikkei topped the key 12,000-level for the first time since 2008.
The 50-share index swung between a high of 5,878 and a low of 5,801.30 before finishing at 5,863.30, a smart gain of 44.70 points, or 0.77 per cent, from the last close. HeroMoto Corp, DLF, Asian Paint, ITC L&T, HCL-Tech, JP Associates, BPCL, Wipro and HDFC Bank were among the top Nifty gainers. The notable losers included Jindal Steel,
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