Market makes merry on global rally; Nifty zooms 82 points
Mumbai: Driven by strong global buoyancy, Indian equities extended their spectacular bull-run for the fourth straight session as funds and investors combined for across the board buying leading the NSE benchmark CNX Nifty to retrace the 5,900-mark with a massive 82 points surge on Friday.
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 percent, 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.
Turnover in the cash segment jumped to Rs 11,416.08 crore from Rs 10,180.36 crore yesterday. A total of 6,587.88 lakh shares changed hands in 64,33,506 trades. Total market capitalisation stood at Rs 65,93,179 crore.