Nifty closes 108 points higher

The NSE Nifty settled today with a gain of over 108 points following a rally in metal, pharma and banking stocks tracking higher global markets.
The March derivative series started on a positive note taking cues from higher Asian markets after comments from US Federal Reserve eased worries on aggressive rate hike this year.
Shares of metal stocks rose as commodities gained and the markets in China reopened after Lunar New Year holidays.
The broader midcap and smallcap shares also outperformed the key indices.
The 50-stock index surged 108.35 points, or 1.04 per cent, and closed above the 10,450-level at 10,491.05 after shuttling between 10,499.10 and 10,396.65.

Overseas, European stocks were trading lower even as US index futures held on to firm gains, as investors continue to track developments in government bond markets amid one of the most sustained rises in borrowing costs for three decades.

Asian stocks rose as investors continue to debate the outlook for central bank policy normalisation and the impact of higher bond yields.
It saw an intra-day movement of about 102.45 points.
On Sectoral front, Nifty metal rose 3.19 per cent, pharma 2.64 per cent, private bank 1.47 per cent, bank 1.39 per cent, finance service 1.17 per cent, PSU bank 1.12 per cent, IT 1.11 per cent, energy 1.09 per cent, media 0.97 per cent and realty 0.91 per cent.

Gainers included Tata Steel, Sun Pharma, UPL, Tech Mahindra and Vedanta Ltd.
However, Gail fell followed by Asian Paints, Eicher Motors, M&M and Infosys.
The market breadth, indicating the overall health of the market, turned positive. A total of 1,361 scrips advanced, 435 declined, while 51 remained unchanged.
As many as 199 securities hit their price bands.
Turnover in the cash segment fell to Rs 32,327.68 crore from Rs 37,006.85 crore yesterday.
A total of 15,077.81 lakh shares changed hands in 10,898,257 trades. The market capitalisation of listed firms on the NSE stood at Rs 14,534,454 crore.