The bourses staged a spectacular comeback on frantic broadbased buying in the run-up to the RBI monetary policy meet amid upbeat global sentiment as the benchmark Nifty surged over 81 points on the National Stock Exchange (NSE).
Mainly, technology shares spearheaded the strong momentum on the back of a weaker rupee. Healthy buying was also seen in FMCG, energy, financials, auto, metal and infra related counters.
Barring healthcare, all sectoral indices ended in the green.
The market scripted a dramatic rebound on easing near-erm worries over an imminent rate hike from the US Fed on the back of disappointing economic data as well as Portugal Central Banks' decision to bailout troubled banks soothed concerns about a re-emergence of European debt crisis.
Hectic short-covering key rate sensitive stocks ahead of the Reserve Bank of India's monetary policy tomorrow on expectations of some relief supported the market sentiment, a floor trader commented.
Though the market does not expect any surprise from the apex bank, there is hope that retail inflation would ease and better macro economic numbers would be reported due to better rains, he said.
The bellwether Nifty rallied by a massive 81.05 points, or 1.07 per cent to finish at 7,694.80 points after a last week's drubbing. It had lost about 189 points in two days of rout last week, triggered by a global sell-off.
The biggest Nifty gainers included Infosys, ITC, L&T, ICICI Bank, Reliance, Tata Motors, BPCL, Hindalco, NMDC, ONGC, Jindal Steel, Maruti, Sesa Sterlite, United Spirits, Wipro and HCL-Tech.
However, shares of HDFC, Sun Pharma, Bharti Airtel, HDFC Bank, Cipla and ACC lost some ground.
Turnover in the cash segment slumped to Rs 15,101.6 crore from Rs 18,734.1 crore last Friday. A total of 7,286.18 lakh shares changed hands in 60,99,624 trades, while total market capitalisation stood at Rs 88,15,014 crore.
