Market cheers global rally; NSE Nifty zooms 92 points

The market positioned itself for a rally despite the Government appearing to struggle to push through some of the reform measures it announced nearly two months ago.

Global credit rating agency Moody's statement that India's outlook is stable, added to the positive sentiment.

Financial markets across the globe cheered and staged a significant turnaround after Europe's Finance Ministers struck a much awaited deal on Monday to release crucial bailout funds to help Greece avoid a catastrophic default.

After a strong start in the backdrop of bullish global environment, the benchmark index kept up the momentum and closed above the psychologically important 5,700 level. FMCG, bank, oil & gas, technology, auto, metal and infra counters spearheaded the upsurge.

Though the strength of the rally surprised everyone ahead of a trading holiday tomorrow, some short-covering, along with value buying, triggered the surge, as investors are hopeful Government will succeed on reform front, traders said.

The 50-issue Nifty powered to a high of 5,733.20 before concluding at 5,727.45, registering a hefty gain of 91.55 points, or 1.62 per cent, over the previous close.

Bharti Airtel, JP Associates, BPCL, Reliance Infra, HDFC, HDFC Bank, Sesa Goa, ITC, Ambuja Cement and Jindal steel were the top Nifty gainers. The notable losers included Power Grid, NTPC and Tata Power.

The turnover in cash segment jumped to Rs 13,502.84 crore from 9,476.99 crore yesterday. Overall, 8,709.67 lakh shares changed hands in 64,04,351 trades. Total market capitalisation stood at Rs 64,58,876 crore.