Nifty hits fresh 10-month high; reclaims 8,300 level

Market benchmark Nifty powered ahead to recapture the psychologically important 8,300 mark, its highest level in 10-months, amid a strong buying frenzy which cheered domestic investors for the fifth day in a row.
Bolstering expectations of strong reforms to revive investment cycle and help improve domestic and foreign investors sentiment amid continuous foreign inflows largely weighed on the trade.
Positive global cues in the aftermath of the Brexit shock on hopes that major central banks across the globe will deliver additional support too kept mood upbeat.
It has been an incredibly volatile week in global markets in the wake of the UK's decision to leave the EU, though it was quite spectacular for Nifty with the index surging 240 points or 2.96 per cent.

Meanwhile, the monthly PMI survey showed India's manufacturing activity hit a three-month high of 51.7 in June from 50.7 in May, backed by a stronger increase in new business orders.
Core sector output grew at a five-month low of 2.8 per cent in May, down from a four-year high of 8.5 per cent in April.

In the meantime, Mahanagar Gas made a stellar debut on stock exchanges and settled higher at 520.30 against its issue price of Rs 421.
The 50-share index opened firmly higher at 8,313.05 and moved within a range of 8,356.75 and 8,308.65 before ending at 8.328.35, showing a smart gain of 40.60 points, or 0.49 per cent, the level not seen since August 20, 2015.

Foreign portfolio investors (FPIs) bought shares worth net Rs 1107.42 crore yesterday as per provisional data from the stock exchanges.
Among the sectoral movers, FMCG rose 1.93 per cent, followed by energy (1.66 per cent), infra (1.29 per cent), pharma (0.98 per cent), metal (0.78 per cent), PSU Bank (0.64 per cent), realty (0.57 per cent), auto (0.35 per cent) and Nifty Bank (0.28 per cent).
The midcap index surged 1.14 per cent, while smallcap gained marginally at 0.38 per cent.
However, technology and media settled lower.
Major gainers were ITC, L&T, ONGC, Axis Bank, M&M, Dr Reddy's, Bharti Infra, Yes Bank, Reliance, IndusInd Bank, BPCL, GAIL, Power Grid, Tata Steel, Cipla, BHEL, Lupin and SBI.

Key losers included TCS, HDFC, Kotak Mahindra, Adani Ports, Zee, HDFC Bank, Tata Motors, Maruti and Bajaj Auto.
A total of 890 scrips gained, 703 declined while 64 were unchanged.
Turnover in cash segment dropped to Rs 19,138.24 crore from Rs 26,625.60 crore yesterday.
A total of 12,041.04 lakh shares changed hands in 78,06,757 trades. The market capitalisation of NSE stood at Rs 101,70,119 crore.