Bulls staged a spectacular rally following a plunge in crude prices as well as strong European cues, leading the benchmark S&P CNX Nifty to gain a massive 151 points at the National Stock Exchange (NSE) here today.
The 50-share index, on the back of across the sector buying, climbed to a high of 5,477.85 before closing at 5,471.25, a sharp gain of 151.25 points, or 2.84 per cent, from its previous close.
In international market, the crude prices tumbled 6 per cent after the International Energy Agency (IEA) said it would release 60-million barrels of oil from its strategic reserve.
The fall coincided with the scheduled EGoM meet to take a decision on fuel price hike and crude import duty cut.
These developments generated much enthusiasm in the market participants resulting in a relief rally on expectation of temporary easing of macro-economic concerns.
A sharp rebound in European stocks in late afternoon also gave much-needed fillip to the market.
“The market mood at the moment is positive. Volume- based buying was seen in today’s trade along with short- covering,” traders said.
Sesa Goa, SBIN, Hero Honda, Ranbaxy, HDFC, HCL Tech, JP Associates, L&T, Tata Steel and Hindalco were top gainers from the Nifty pack.
Turnover in cash segment shot up to Rs 12,392.50 crore from Rs 8,998.44 crore yesterday. A total of 6,638.68 lakh shares changed hands in 59,77,228 trades. The market capitalisation stood at Rs 64,11,484 crore.