Nifty reclaims 7,900-mark, hits 3-week high

Indian markets continued their impressive performance for the second-straight day with the benchmark NSE Nifty rallying over 59 points to end at 7,942.70 -- its highest level in three weeks even as Asia rattled on shockwaves from China.
Sentiment turned highly bullish on expectations the crucial goods and services tax (GST) bill alongwith other key economic legislation will be passed in the Winter Session of Parliament.
Traders built up fresh long positions in key rate sensitive stocks with the beginning of the December month F&O series and also hopes of an interest rate cut ahead of RBI policy review next week along with key macro data release.

Though, the key indices succumbed to bout of selling in late morning trade briefly reacting to a steep fall in Chinese stocks amid geopolitical tensions.
Asian bourses ended sharply lower after Chinese shares slumped 5 per cent jolted by regulatory and industrial sector worries.
The government has shortlisted five Indian merchant bankers, including JM Financial, SBI Capital and ICICI Securities, for managing the sale of a 10 per cent stake in state-controlled Coal India.

The 50-share index opened firmly higher at 7,910.60 and oscillated between a high of 7,959.30 and a low of 7,879.45 before ending at 7,942.70, registering a smart rise of 58.90 points, or 0.75 per cent.

Among the sectoral gainers PSU banks jumped (3.52 per cent), Bank Nifty (1.96 per cent), metals (1.24 per cent), media (0.76 per cent), IT (0.72 per cent), infra (0.71 per cent), FMCG (0.27 per cent) and pharma (0.12 per cent).
Mid-cap and small-cap also strengthened further.
However, energy and auto fell by 0.47 and 0.01, respectively.
Major index gainers included ICICI Bank, HDFC Bank, Infosys, L&T, SBI, Bosch, HDFC, Kotak Bank, Bank of Baroda, Axis Bank, ITC, HCL Tech, Yes Bank, Cipla, Sun Pharma and TCS.
Key losers were RIL, Tata Motors, Idea, Lupin, Maruti, Asian Paints, BPCL, Cairn, Power Grid, NTPC and ACC.

Turnover in cash segment fell sharply to Rs 16,235.99 crore from Rs 23,314.73 crore yesterday. A total of 10,741 lakh shares changed hands in 69,43,198 trades. The market capitalisation of NSE stood at Rs 96,81,140 crore.