Nifty flares up on hectic buying,up 113 pts

The 50-share Nifty touched a high of 5,342.30 before concluding at 5,333.55,a sharp gain of 113.10 points.

Intense low-level buying amidst global bullish mood took the benchmark S&P CNX Nifty to a surge of 113.10 points at the National Stock Exchange here today.

The world financial markets surged as Greece deflected the sure default after successful acceptance from private creditors of the bond swap deal,paving the way for new bail-out.

The bourses resumed on a firm foot on the back-drop of Asian rally as heavy buying operators as well as shortcovering led the key-index early morning highs. It continued to remain strong till some selling during early afternoon session trimmed the gains,but bounced-back to remain in positive terrain till the end session.

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“The market rallied on strong global current and through the expectation of good annual budget and Apex bank’s monetary policy review in coming days,” traders said.

Buying was broad-based,mainly led by financials,metal,oil&energy and auto counters.

The 50-share Nifty touched a high of 5,342.30 before concluding at 5,333.55,a sharp gain of 113.10 points,or 2.17 per cent over its last close.

Jindal Steel,Tata Steel,ICICI Bank,IDFC,L&T,JP Associates,Cairn,Sterlite,Tata Motors and SBIN were the top percentage-wise gainers from the Nifty.

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However,Wipro,R Power,Infy,Siemens,ITC,Hindunilever and Tata Power registered losses.

Turnover in cash segment rose to Rs 13,447.97 crore from Rs 12,328.96 crore on Wednesday. A total of 7,158.35 lakh shares changed hands in 68,09,341 trades. Market capitalisation stood at Rs 61,55,880 crore.