Markets snap back to life on value buying; Nifty soars 108 pts

Indian markets staged a strong turnaround, breaking a three-day losing streak following across the board buying spree with the benchmark Nifty surging by a hefty 108 points to reclaim the key 7,900 barrier.
Investors sifted through a raft of positive corporate earnings news after auto major Maruti Suzuki reported a net profit of Rs 1,134 crore in the March quarter, meeting estimates.
Traders also covered their short-positions ahead of futures and options expiry of April contract, triggering some momentum buying.
Buoyant expectations of big-bang reforms in ongoing session of Parliament as well as better-than-expected March quarter results, also spurred sentiments.

After overcoming initial sharp volatility, the market quickly regained its strong recovery momentum and stayed in the green throughout the day before concluding on a high note.
Meanwhile, other Asian peers ended mixed as investors took to the sidelines ahead of major central bank monetary policy decisions later in the week.

The 50-share index resumed subdued at 7,828.15 and wavered between a high of 7,974.50 and a low of 7,822.55 before ending at 7,962.65, revealing a solid gain of 107.60, 1.37 per cent.
Sector breadth was very positive as all major indices finished in positive terrain with Metal surging (2.29 per cent) followed by Bank (1.94 per cent), PSU Bank (1.86 per cent), Auto (1.62 per cent), Realty (1.70 per cent), Media (1.65 per cent), Pharma (0.99 per cent), Infra (0.99 per cent), FMCG (0.89 per cent), Energy (0.37 per cent) and Tech (0.90 per cent).

The broader markets too witnessed recovery with the Midcap and Smallcap gaining 0.84 per cent and 0.57 per cent, respectively.
The noteworthy contributors to the index were HDFC Bank, ITC, Infosys, HDFC, TCS, IDEA, Indusind, Maruti, Kotak Bank, Axis Bank, Tata Motors, Bosch, SBI, Yes Bank, L&T, M&M, Zee, Tata Steel, Cipla, ICICI Bank and Hindalco.
However, modest selling was seen in Bharti Artel, Adani Ports, Heromotocorp, Ultratechcem, BPCL and NTPC.
Turnover in cash segment jumped to Rs 18,283.04 crore from Rs 14,787.11 crore yesterday.
A total of 8,697.62 lakh shares changed hands in 73,95,979 trades. The market capitalisation of the NSE stood at Rs 96,17,541 crore.