NSE Nifty vaults 86 points on Chidambaram's growth talk
Shares staged a strong rally on frantic board-based buying spree as the NSE benchmark CNX Nifty today surged 86 points to close above the 5,700 level amid hopes of more measures to revive stagnant growth.
The rally was spearheaded by frontline heavyweights from across the sectors with financials, FMCG, energy, auto, technology, pharma, metal and infra counters in the forefront after bargain hunters got back into the market.
The trading sentiment got a big boost after Finance Minister P Chidambaram said in Parliament yesterday that the Government would take all appropriate steps to revive economic growth and improve investment climate.
The Budget, which was prepared against the backdrop of macroeconomic challenges facing the country, received a big thumps down from market players. India clocked 4.5 per cent GDP growth in the third quarter, the worst in a decade.
After a strong opening in the backdrop of positive global sentiment and firm buying, the Nifty maintained its upsurge and concluded with handsome gains.
There is wide expectations among market players that RBI, taking some comfort from fiscal consolidation plans, would probably cut key interest rates in its next policy meet on March 19, traders commented.
Globally, markets across Asia rebounded after a sharp sell-off yesterday, taking cues from overnight US peers.
The 50-share index hit a high of 5,790.10 before concluding at 5,784.25, posting a steep rise of 85.75 points, or 1.50 per cent, from last close.
Sesa Goa, Hindalco, HCL Tech, Ambuja Cement, Tata Motors, DLF, JP Associates, Wipro, ACC and Grasim were the top smart movers from
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