This is how the Markets fared today

The Nifty sprung a surprise on the bears by opening lower but traders then capitalized on blue chips being available at relatively beaten down prices and ramped up the market to a 1 percent gain on Wednesday.

The Nifty rose 103 points, or 1.2 percent, to end the day at 8,631 points. Its Advance-Decline Ratio stood at 41/9 with Zee Entertainment, Reliance Industries and Sun Pharma leading the gainers compared with Lupin, Idea Cellular and Bharti Airtel that lost ground. The Nifty ended at the day's high, pointing to pent up demand left over for the next day.

On the Bombay Stock Exchange, the Sensex surged 323 points to close the day at 28,504 points. Hindustan Unilever, HDFC and Tata Steel were top gainers while Infosys, Hindalco and Vedanta struggled in the red. As a consequence, the Advance-Decline Ratio on the Sensex stood at 22/8.

It was a day that belonged to housing finance companies and stocks in the non banking space as traders ramped up companies who have lowered their borrowing costs via bond issues rather than bank funding. IndiaBulls Housing, LIC Housing, Can Fin Housing and Bajaj Finance were major gainers.

OMCs were also the flavour of the day as a Citigroup upgrade on the entire sector worked wonders on stock prices. As a consequence, HPCL, BPCL and Indian Oil were in thick demand throughout the trading session.

Bulls were in firm control on Dalal Street with 1,769 shares rising versus 1,026 that lost ground.

In the derivatives space the day belonged to the advancers. All 18 sectors showed a positive trend in both price and open interest, pointing to the possibility of further gains ahead. The Advance-Decline Ratio was 135:25 in the futures and Options market.

Stocks that hit fresh 52 week highs were Ashok Leyland, Can Fin Homes and Indiabulls Housing.

(Image credit: Indiatimes)