Nifty hits 11-mth high on global rally, reclaims 8,400 mark

Equities rebounded sharply on the back an unprecedented wave buying frenzy in the face of global relief rally after data showed a pickup in the US economy amid hopes of more sectoral reforms by the government.
The bellwether Nifty index shot-up by 144.70 points, or 1.74 per cent - its biggest single day spike in over a month and ended at a fresh 11-month high of 8,467.90 on the NSE here.
Domestic investors joined the global party and jumped into a buying spree after stronger-than-expected US jobs data, which indicated that the world's biggest economy is on the path of recovery, bolstering investors confidence.

Expectations that the Federal Reserve will delay its rate hike in the wake of Brexit further supported the buoyant sentiment along with mountings expectations for additional stimulus from world central banks.
Moreover, interest rate cut from the Reserve Bank of India in its next policy meet in August due to good progress of monsoon and optimism over the GST bill likely to be passed in next session of parliament with national consensus.
Financials headed the powerful rally even as cyclical and other defencive including capital goods, energy, infra, auto, healthcare, auto, metal stocks had best performances.

The broader markets too saw buying interest with the Midcap scaling all time high.

With most market fears taming down and the continuance of FII flows towards Indian markets suggest that the current rally certainly has more legs ahead of corporate earnings.
Private lender IndusInd Bank will kickstart the June quarter earnings season today.
The broder Nifty opened with a gap-up at 8,413.35 and powered ahead to hit a high of 8,475.25 before ending with a handsome gain of 144.70 points, or 1.74 per cent at 8,467.90 - the level not seen since August 17, 2015.
Advancing stocks outnumbered falling ones by 1094 to 540 and 64 ended unchanged.
Among the sectoral indices, Nifty PSU Bank galloped by 3.85 per cent. This was followed by Metal (2.32 per cent),Auto (2.12 per cent), Nifty Bank (2.08 per cent), Realty (1.94 per cent), Pvt Bank (1.74 per cent), Infra (1.67 per cent), Energy (1.56 per cent), FMCG (1.02 per cent) and IT (0.91 per cent).

The Midcap and Smallcap indices also surged by 1.37 and 1.24 per cent, respectively.
The biggest gainers of the session were HDFC Bank, ICICI Bank, Tata Motors, HDFC, Infosys, ITC, Reliance, L&T, SBI, TCS, Adani Ports, Bosch, Kotak Mahindra, Maruti, Bharti Infratel, Sun Pharma, Heromotoco, Yes Bank and M&M.
However, Indusind Bank, HCL-Tech and Axis Bank saw modest selling.
Turnover in cash segment rose to Rs 17,709.95 crore from Rs 16,602.18 crore last Friday.
A total of 10,755.73 lakh shares changed hands in 69,27,387 trades. The market capitalisation of NSE stood at Rs 103,49,718 crore.