The Nifty snapped a 3-day losing streak on Thursday gaining ground as traders covered some of their short positions and investors bottom fished in a market that sunk to fresh 1-year lows.
A strong positive close on Wall Street and a 2-day holiday at markets in China, the biggest economic problem that the world is currently facing, boosted sentiment on Dalal Street.
The Nifty rose 106 points to end the day at its high of 7,823 points. Cairn, Tata Steel, HDFC, Axis Bank and UltraTech were the top gainers on the Index while Idea, BPCL, Bosch, Lupin and Hero Motor slipped in trade. The Advance-Decline Ratio for the index stood at 44/6.
Infosys, Axis Bank and ICICI Bank were the top 3 traded stocks on the Nifty and it was a rare day that all 3 were in positive territory.
Broader indices posted sharp gains. The CNX 100, CNX 200, CNX 500, CNX Mid Cap and CNX Small Cap Indices rose between 1.1-1.3 percent in trade.
The Bank Nifty added 1.8 percent to 16,555 points. The CNX Media,, CNX PSU Bank, CNX Finance and CNX Auto Indices were coloured in a dark shade of green.
The Sensex was also on the front foot on the Bombay Stock Exchange, surging 311 points, or 1.2 percent, to 25,765 points. Tata Steel, Vedanta and Axis Bank were the top gainers while Lupin, Sun Pharma and Infosys slipped in trade. The Advance-Decline Ratio was a strong 27/3 and ICICI Bank, SBI and Axis Bank were the top 3 traded counters on the Index.
The broader market was bullish as well, with 1,710 stocks gaining versus 973 that lost ground.
Bulls made inroads into the futures and options space as well. Front month Nifty futures rose 104 points to 7,847 after 3 days of losses. The Advance-Decline Ratio was 143/18. DLF, JSW Energy and I B Real Estate were the top gaining futures while Amtek Auto, Kaveri Seed and Idea Cellular slipped in derivatives trade.
All 18 sectors recorded gains in the futures and options segment.
Aptech, Caplin Point, Career Point, Amtek Auto and APL Apollo Tubes made it top the volume buzzers list while stocks hitting new lows were Coromandel International, Atlanta, ICICI Bank and Gujarat NRE Coke.
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