Nifty zooms 82 points as market makes merry on global rally

A host of positive developments in US economy amid optimism over improving global economy and ongoing central bank monetary support worldwide spurred a rally across Asia and Europe today.

US stocks hit a record high for a third consecutive day on Thursday after weekly jobless claims came in at much better than expected pace.

Riding on strong global liquidity flow, the domestic market commenced trading on a buoyant note and maintained its scintillating performance throughout the session with the key benchmark index closing at one-month high.

With budget behind us investors are full of optimism and are hoping for a rate cut by the Reserve Bank in its monetary policy meet on March 19, traders said.

The 50-share index flared up to hit an intra-day peak of 5,952.85 before concluding at 5,945.70, showing a sharp rise of 82.40 points, or 1.41 per cent, from the last close.

The index has gained nearly 165 points in the last three sessions.

Sector-wise, strong buying momentum was seen in FMCG, financial, energy, pharma, metal, infra and auto scrips. Tech shares encountered profit-taking after a three-day spike.

Among the top Nifty gainers, Jindal Steel surged 4.22 per cent, IDFC 4.2 per cent, HDFC 3.96 per cent, Siemens, 3.55 per cent, BPCL, 3.42 per cent, Gail 3.17 per cent, Kotal

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