Buoyant global cues and strong FII inflows sparked a buying frenzy in Indian markets today with the benchmark CNX Nifty soaring by a massive 73 points and reclaiming the 6,000-mark on National Stock Exchange (NSE).
Expectations of strong liquidity flows as well as ongoing rally in global equities boosted investor confidence, triggering an across-the-board buying spree. FMCG, financials, pharma, auto, energy and infra counters led the gains.
Against the backdrop of bullish global cues, trading began on a firm note with the Nifty regaining the key support level of 6,000 after numerous attempts. The 50-share index kept
the momentum throughout the day and ended with handsome gains.
Foreign institutional investors were net buyers to the tune of Rs 897.47 crore of stocks yesterday, as per provisional exchange data from the stock exchanges.
World financial markets hit their highest levels in almost five years on combination of revived optimism over US economy and rate cut by the European Central Bank.
In Asia, stocks ended higher with Japan's Nikkei scaling 14,000 mark for the first time in more than five years on strong corporate earnings and weakening yen.
European stocks were moderately higher, boosted by better-than-expected bank earnings and indications of a further rate cut by the European Central Bank. German index DAX touched a new all-time high.
The Nifty hit a high of 6,050.50 before ending at 6,043.55, registering a steep rise of 72.50 points, or 1.21 per cent, over the last close.
Top gainers included Hero Moto, DLF, Axis Bank, Lupin, IDFC, ITC, Kotak Bank, Bharti Airtel, Tata Motors and Grasim.
Coal India, Ambuja Cement, HDFC, M&M, Ranbaxy, BPCL and Sesa Goa were the key losers from the Nifty pack.
Turnover in the cash segment rose to Rs 10,649.04 crore from Rs 9,016.19 crore yesterday. A total of 5,871.35 lakh shares changed hands in 56,63,766 trades. Market capitalisation stood at Rs 66,07,884 crore.
