Nifty spike 161 points ahead of Union Budget

Bulls mobilised a day after Rail-Budget disappointment slide, as the benchmark Nifty witnessed across the counter buying spree leading the key index to rally 160.75 points, and to regain the psychological level of 8,800.
The market momentum enthused by presentation of government-economic survey ahead of Union-Budget tomorrow, making a strong pitch for big-bang reforms in the country amid optimistic projection 8.1-8.5 per cent GDP growth for the year 2016 and highly improved fiscal-deficit situation.
Investors confidence revived with hectic buying witnessed in key heavyweights in Realty 4.46 per cent, PSU Banks 4.09 per cent, Infra 3.60 per cent, Metal 3.03 per cent, Bank 2.89 per cent, Auto 2.33 per cent,Finance 2.18 per cent, Energy 1.82 per cent, also followed by shares from Mid-Cap 2.04 per cent and Small-cap by 2.26 per cent.

Only FMCG stocks witnessed some selling pressure.
The broader 50-share resumed with gap-opening of 8,729.50 and hovered between a high of 8,856.95 and a low of 8,717.45 before closing at 8,844.60, showing a rally of 160.75 points, or 1.85 per cent, over its previous close.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 2,312.15 crore yesterday, as per provisional data released by the stock exchange.

Elsewhere, Asian stocks ended mixed today.
Stock-wise, major gainers from the Nifty pack were Bank of Baroda rallied by 5.63 per cent, Tata power 5.56 per cent, Jindal Steel 5.18 per cent, UltraCemCo 4.98 per cent, L&T 4.82 per cent, ICICI Bank 4.34 per cent, SBIN 3.63 per cent, Coal India 2.84 per cent, Axis bank 2.69 per cent and Tata Motor 2.59 per cent.

Turnover in the cash segment galloped to Rs 25,713.94 crore as compared to Rs 23,260.19 crore yesterday. A total of 13,201.15 lakh shares changed hands in 91,89,596 trades. The market capitalisation at NSE stood at Rs 101,90,914 crore.