Nifty extends gains, surges by 107 points on global cues

Nifty rally continued for the third consecutive session, with Nifty closing at one-month high on sustained value-buying on hopes that NDA government will be able to get some key bills including GST passed in Parliament.
In the global market, Asian stocks once again supported the upmove on the domestic bourses. Asian stocks edged higher on favourable US economic data overnight. A monthly employment report showed acceleration in US private sector job addition last month.
The 50-share broader index opened higher at 7,429.55 and hovered in a range of 7,483.95 and 7,406.05, before ending at 7,475.60, a rise of 106.75 points, or 1.45 per cent.

The 50-share NSE Nifty inched closer to 7500 level, which seems to be near term resistance for current rally, feels experts. The index closed at one month high today.
Among the sectoral indices, Metal surged by 4.81 pct, followed by Infra (2.99 per cent), Pharma (1.98 per cent) Auto (1.95 per cent), IT (1.45 per cent), Realty (1.21 per cent), Energy (1.07 per cent), PSU Banks (0.67 per cent) and Banks (0.57 per cent).
However, FMCG and Media moved down by 0.27 pct and 0.06 per cent, respectively.

The broader indices, mid-cap-100 and small-cap-100 rose by 0.86 per cent and 1.88 per cent, respectively.

Major gainers in stocks were,Tata Steel surged by 7.29 pct, Vedl 7.42 pct, Bhel 6.39 pct, Tata Motors 6.18 pct and Larsen 6.08 pct.
However, losers include, ZEEL, ICICI Bank, UltraCemco, ITC, NTPC, Lupin and HUL.
The market breadth was positive as 1,250 stocks ended higher, 318 finished lower, while 50 ruled steady of the total 1,618.
Turnover in cash segment fell to Rs 18,725.94 crs from Rs 20,722.76 crore yesterday. A total of 10,167.15 lakh shares changed hands in 84,07,411 trades.
The market capitalisation of NSE stood at Rs 89,54,612 crore.