Nifty surges on stunning pullback rally

A dramatic pull-back rally boosted market sentiments as funds converged for buying on Nifty.

A dramatic pull-back rally boosted market sentiments as funds converged for across the board buying,propelling the benchmark S&P CNX Nifty to retrace the 5,900-level with a hefty gain at the National Stock Exchange (NSE) here today at the close.

The 50-share index swung widely between 5,923.60 and 5,735.55 before concluding at 5,911.50,a net gain of 125.80 points,or 2.17 per cent,over its previous close.

Resuming on a bearish note on the backdrop of Monday’s fall which was led by below expectation IIP data,the sell-off momentum continued with no key support emerging from global markets.

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But the market soon reversed its trend and bounced back quickly with hectic fund buying amidst short-covering in sectors like financials,FMCG,technology,oil&gas and infra,taking the key index to the 5,900-mark.

“Though our market outperformed its global peers withall the macro concerns still intact,the expectation of strong Q4 numbers from corporate India kick-starting tomorrow seems to have fuelled today’s rally,” traders said.

Hero Honda stock,JP Associates stock,Siemens shares,HDFC shares,HDFC Bank,IDFC,Maruti,L&T,ITC and Ambuja Cement were the top gainers from Nifty the pack.

Total turnover in cash segment shot up to Rs 13,024 crore from Rs 9,815.50 crore on Monday. A total of 7,133 lakh shares changed hands in 63,20,522 trades. The market capitalisation stood at Rs 68,60,667 crore.