Nifty shoots up 118 pts as Fed relief calms investors' nerves

Equities rebounded sharply following a frenzied wave of buying following the US Fed Reserves policy outcome eased speculation of imminent rate hike.
The bellwether Nifty index recouped all its losses in previous three sessions and jumped by a hefty 117.85 points, or 1.53 per cent to conclude at 7,960.55 after climbing an intra-day high of 7,972.35.
It had lost 122.10 points, or 1.53 per cent in the recent leg of selling.
Domestic investors joined the global party and jumped into a buying spree after a dovish statements from the US Federal Reserve triggered a relief rally.
Financials headed the powerful rally even as cyclical and other defencive including capital goods, energy, healthcare, infra, auto, metal stocks had best performances.

The broader markets too saw buying interest with the Midcap and Smallcap indices gaining one percent each.

Tech sector made a modest turnaround after yesterday's selloff with select stocks gaining.
Many stocks enjoyed broad-based gains and saw impressive breakouts to hit fresh all time highs.
ICICI Bank, HDFC, HDFC Bank, L&T, Reliance, SBI, Tata Motors, ZEE, BHEL, Axis Bank, TCS, Hindalco, Sun Pharma, ONGC, Asian Paint, Kotak Bank, Maruti, Bharti Airtel, HCL-Tech, Sesa Sterlite, Ambuja Cement and ACC were the key index drivers.
Notable underperformers included Tech Mahindra, Wipro, Infosys, Jindal Steel, NTPC, M&M, BPCL and ITC.
Turnover in the cash segment fell to Rs 14,388.07 crore from Rs 14,551.94 crore yesterday. A total of 8,121.67 lakh shares changed hands in 63,22,789 trades, while market capitalisation stood at Rs 91,71,503 crore.