Nifty reclaims 8,400-mark on reforms hope, Fed meet outcome

The benchmark Nifty surged by 47 points to close above the 8,400-level today on renewed hopes of faster reforms and growth boosting measures.
Sentiments turned highly buoyant after the Cabinet approved amendments to the GST bill, raising hopes of its passage in Parliament.
Stronger-than-expected earnings outcome from key big players and overnight Fed decision to keep its benchmark interest rate unchanged further supported the upmove.
However, rolling over positions to next month series in view of the last day of July futures and options contracts alongwith short-covering by speculators kept market volatile throughout.
The broader 50-share Nifty fluctuated between a high of 8,458.90 and a low of 8,408.30 before ending at 8,421.80, showing a smart rise of 46.75 points, or 0.56 per cent.

On the sectoral front, real estate pack saw good buying interest with the indices jumping by over 4 per cent. It was followed by PSU banks (3.44 per cent), FMCG (2.84 per cent), pharma (0.79 per cent), Bank Nifty (0.64 per cent), Energy (0.54 per cent) and auto (0.22 per cent).

However, tech and metal witnessed selling.
Biggest index movers are ITC, HDFC, HUL, SBI, ICICI Bank, Bank of Baroda, PNB, Dr Reddy's, Cipla, ITC, Reliance, HDFC Bank, Bajaj Auto, Grasim, Asian Paints and HCL Tech.
Notable losers included Infosys, TCS, Sun Pharma, Kotak Mahindra, L&T, Lupin, Axis Bank, Wipro and Ambuja Cements.

Turnover in the cash segment shot up to Rs 22,576 crore from Rs 17,194.07 crore yesterday.
A total of 12,184.13 lakh shares changed hands in 83,37,092 trades and the total market capitalisation of NSE stood at Rs 1,00,48,962 crore.