The Government unveiled big-bang economic reforms last week to revive the economy by allowing FDI in aviation, multi- brand retail and broadcasting along with disinvestment in four PSUs in addition to effecting hike in diesel price and putting a cap on usage of subsidised LPG cylinders.
Carrying forward the bullish momentum, the key index hit the 5,600 mark in the opening session itself and maintained the strong tide on the back of across-the-board buying amid expectation over interest rate cut by RBI.
The market failed to sustain the initial build up as investors indulged in profit-taking in a knee-jerk reaction to the RBI's decision to keep key rates unchanged in its mid- quarter monetary policy review.
The RBI, citing high inflation, held back on rate cut once again but announced a 0.25 per cent cut in Cash Reserve Ratio (CRR) to boost liquidity. After witnessing huge swings throughout the day, the index managed to close above 5,600.
Financials, oil & gas, auto, infra and metal counters attracted good buying interest, while FMCG, technology and pharma space witnessed massive unwinding.
On the global front, Asian markets surged to four- month high on stimulus measures. European stocks were lower on renewed concerns over debt crisis in Spain and Greece.
The 50-share Nifty hit a high of 5,652.50 and a low of 5,585.15 before concluding at 5,610, a rise of 32.35 points, or 0.58 per cent, over the last close.
RInfra, IDFC, DLF, Bank of Baroda, Jindal Steel, JP Associates, SBIN, PNB, ICICI Bank and Axis Bank were top Nifty gainers. ITC, TCS, Dr Reddy's, BPCL, Ranbaxy, HUL, Infosys, HCL Tech, Ambuja Cement and Coal India posted losses.
The turnover in cash segment spurted to Rs 18,236.13 crore from Rs 14,855.73 crore last Friday. Overall, 10,030.46 lakh shares changed hands in 82,18,080 trades. Total market capitalisation stood at Rs 62,74,161 crore.
