Nifty surges 132 pts: IT stocks afire

The bulls had a field day today as the market saw frantic buying.

The bulls had a field day today as the market,overriding macro economic concerns,saw frantic buying,lifting the benchmark S&P CNX-Nifty to close at a two-month high at the National Stock Exchange (NSE) here.

The 50-share index zoomed to a high of 5,667.10 before concluding at 5,654.25,up a hefty 131.85 points,or 2.39 per cent,from its last close.

The session commenced on a bullish note supported by overnight rally in US and higher Asian peers. Sustained across the board buying by funds lifted the key index above the psychological 5,600-mark.

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Technology sector spearheaded the rally followed by banking,FMCG,realty,energy and capital goods counters.

“Upcoming earning season and exciting shares valuation might have tempted the FIIs to once again jump into emerging markets like India,” traders said.

“The irony is that the all the negative macro economic factors are still looming large,” they added.

DLF stock,Infosys stock,Wipro stock,NTPC,Axis Bank,ICICI Bank,HDFC Bank,HDFC and L&T were top gainers from the Nifty pack.

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Total turnover in cash segment surged to Rs 12,105 crore from Rs 10,685 crore yesterday. A total of 6,136.19 lakh shares changed hands in 55,51,732 trades. The market capitalisation stood at Rs 65,20,883 crore.