Nifty mark new closing high; infra, banking stocks surge

The market rallied for the third straight session amid bouts of volatility as the benchmark Nifty finally ended with new closing peak of 8,956.75.
Earlier the index momentum were largely consolidative as investor confidence bolstered by last Saturdays Union- budget proposals which endorsed broad-based growth oriented reforms mainly in infrastructure, power, healthcare and irrigation sector supported by deferring GAAR implementation by 2 years.
The trading momentum was thwarted by bouts of selling pressure following the HSBC survey showed decline in manufacturing growth slipping to 5-month low in February and subdued Auto sales figures.
Stocks related to Infra, Pharma, Banking and Finance along with shares of Mid-Cap and Small-cap companies surged by nearly two per cent.

While, FMCG and auto stocks incurred selling.
The broader 50-share resumed higher at 8,953.85 and fluctuated between a high of 8,972.35 and a low of 8,885.45 before closing at new peak of 8,956.75, showing a gain of 54.90 points, or 0.62 per cent, over its previous close.

Major gainers from the Nifty pack were Ultracem Co rallied by 7.46 per cent, Grasim 6.23 per cent, AxisBank 5.71 per cent, IDFC 5.14 per cent, Cipla 5.12 per cent, L&T 4.41 per cent and Hindunilvr 2.81 per cent.
While losers were led by ITC 5.01 per cent, Bajaj Auto 3.68 per cent, Jindal Steel 3.6 per cent, HeroMotoCorp 2.24 per cent and BhartiAirtl 2.02 per cent.

Turnover in the cash segment climbed to Rs 23,941.82 crore as compared to Rs 21,350.22 crore last Saturday. A total of 10,994.42 lakh shares changed hands in 89,42,195 trades. The market capitalisation at NSE stood at Rs 102,95,734 crore.