Nifty bounce-back to close above 8,700-level, up 76 points

The benchmark Nifty bounced-back to end above the crucial 8,700-level amid value buying mainly in Infra, FMCG, Metal, Realty, Pharma and Auto counters bouyed by country growht forecast by International Monetary Fund (IMF).
The market already bridled by volatility spooked by early US interest rate hike did a remarkable turn-around after its three session slide as investor confidence regained after IMF raising of Indian growth forecast for the current fiscal to 7.2 per cent, calling for revitalising investment cycle and accelerate structural reforms.
The trading momentum were mostly range-bound in positive-terrain as the key economic data of consumer price index (CPI) and the index of industrial production (IIP) numbers will be released later today, but the index got further boost on hope over passage of Insurance bill to be tabled in parliament today.

Buying was mostly seen in recently hammered shares, and was led by Infra 2.00 per cent, FMCG 1.59 per cent, Realty 1.54 per cent, Metal 1.52 per cents, Energy 1.33 per cent, Pharma 1.18 per cent and Auto 1.03 per cent. While both midcap and smallcap indices surged nearly 1.60 per cent.
The 50-share Nifty resumed higher at 8,740.65 and hovered between a high of 8,787.20 and low of 8,732.90 before finishing at 8,776.00, showing a gain of 76.05 points, or 0.87 per cent, over its previous close.
Meanwhile, Foreign Portfolio Investors (FPIs) sold shares worth a net Rs 444.65 crore yesterday, as per provisional data of stock exchanges.

Elsewhere, most of the Asian stocks closed higher after Bank of Korea slashed its base rate for the first time in five months.
Major gainers from the Nifty pack led by insurance related stocks including Reliance Capital 10.78 per cent, followed by Cairn 4.56 per cent, SSLT 4.10 per cent, NTPC 3.87 per cent, Hindalco 3.49 per cent, DLF 3.03 per cent, SunPharma 2.60 per cent and Tata Motors 2.36 per cent.
Turnover in the cash segment gained to Rs 18,525.51 crore compared to Rs 18,477.38 crore yesterday. A total of 9,479.50 lakh shares changed hands in 79,93,538 trades. The market capitalisation at NSE stood at Rs 102,30,285 crore.