Market eludes brief correction; Nifty rallies 104 pts

PTI Posted online: Thursday, Apr 17, 2014 at 0000 hrs
Mumbai : Bourses enjoyed a broad-based stellar rally, as investors sentiment weighed on the heels of upbeat quarterly earnings from the technology majors.

It sent the bellwether index Nifty surging by a staggering 104.10 points, or 1.56 per cent, to close at 6,779.40, within the striking distance of crucial 6,800-mark on the National Stock Exchange (NSE).

Bulls re-entered the market with a vengeance, with frenzied buying across the sector mainly in high-growth stocks and recently beaten down infotech stocks, as sentiment got a boost from better-than-expected Q4 earning figures reported by sector heavyweight TCS and HCL Tech.

Moreover, highly positive statements by Standard & Poor's that it may upgrade India's rating outlook if the next government addresses the country's fiscal and economic challenges, too contributed to the optimism.

With a long earnings calendar ahead, packed with big names from across sectors coinciding with general election results, markets may see heavy volatility, a trader said.

Among sectoral indices, FMCG, banking, energy, auto, technology, healthcare, metal and infra were the major gainers. Mid-cap and small-cap stocks also saw a sharp bounce in today's trading.

Tata Motors was one of the best performers among key individual index stock movers, rallying by 4 per cent. Other gainers included Hindalco, Jindal Steel, Ambuja Cement, ICICI Bank, BPCL, BHEL, SBIN, Wipro and Axis Bank.

HDFC Bank, Power Grid and United Spirits were notable stocks from the Nifty that ended the day with losses.

Turnover in the cash segment eased to Rs 14,266.87 crore from Rs 14,298.69 crore yesterday. A total of 8,316.37 lakh shares changed hands in 63,65,397 trades, while market capitalisation stood at Rs 74,36,935 crore.