Nifty extends gains as heavy weights rally; surges 44 pts

Indian markets continued their strong upside momentum for the fourth straight session as investors lapped up frontline heavyweights with the benchmark Nifty surging by 44 points despite widespread caution ahead of the Fed meet outcome.
The progress in monsoon and narrowing trade deficit further provided some support.
However, despite its initial strong start, key indices failed to consolidate the gains made during the day following fag-end profit-taking as investors traded cautiously ahead of the monetary policy decision in the US and subdued European cues.
The benchmark recaptured its psychological 8,100 level briefly in late afternoon trade.
Among other Asian markets, most equities ended firmly higher, recovering from two days heavy sell-off underpinned by strong closing from Wall Street overnight amid some caution ahead of the Federal Reserve's latest policy decision and lingering worries over Greece debt default.

The 50-share barometer jumped by 44.25 points, or 0.55 per cent, to finish at 8,091.55 after hitting a fresh intra-day high of 8,136.85.

Barring banking and financials, all sectoral indices ended in positive zone with healthcare gaining the most, up by 1.78 per cent, followed by FMCG (1.60 per cent) and energy (1.05 per cent) along with infra, metal, auto and technology.
However, broader markets outperformed benchmarks with the CNX Midcap and Smallcap indices rising 1.52 and 1.02 per cent, respectively.
Major contributors to Nifty surge included Reliance, L&T, HUL, Bosch, ITC, Cipla, Lupin, M&M, Bharti Airtel, Tata Steel, Dr Reddy, Idea, Zee, Ultratech Cement, Hindalco, Wipro, Sun Pharma, ONGC, HDFC, Asian Paints, Kotak Bank and Maruti.

Vedanta, HDFC Bank, Infosys, Power Grid, BHEL, ICICI Bank, Axis Bank, BPCL, Bajaj Auto, HeroMoto, Tata Power and Cairn India were the notable laggards in the index.
In stock specific developments, food processing and agro related counters witnessed good buying interest after the government sharply hiked the minimum support price (MSP) for pulses to boost domestic output and check price rise.
Turnover in the cash segment shot up to Rs 16,104.59 crore from Rs 12,427.23 crore yesterday.
A total of 7,325.62 lakh shares changed hands in 72,87,365 trades and the total market capitalisation of the NSE stood at Rs 95,53,832 crore.