Nifty soars by 80 points, ends above 8,650-level

The benchmark Nifty climbed sharply by 80 points to finish at 8,672.15, lifted mainly by buying across banking domain amid firm global cues.
Despite mild caution ahead macro data's of key IIP and CPI inflation data to be later released after the market hours, the market set on positive note as overnight record gains in the US stocks amid surging oil prices and strong earnings supported the investor sentiment.
Buying in country's prime lender State Bank of India (SBI) which jumped by 7.11 per cent after the bank reported smaller-than-expected decline in net profit in Q1 June 2016 and less than expected increase in bad loan, led allround spur in banking sectors including financials and private banks.

Index-wise buying was led by PSU Banks (5.85 pct), Financials (1.80 pct), Private Banks (1.22 pct), Metal (1.45 pct), Auto (1.11 pct), Energy (1.05 pct), FMCG (0.73 pct) and Commodity (0.69 pct).
The secondline shares supported the sentiment with broader Midcap gained by 0.48 pct and Smallcap slighty up by 0.04 pct, while IT, Pharma and Realty segments witnessed profit-booking.
The 50-share Nifty opened higher at 8,605.45 and traded between 8,684.30 and 8,604.45 before ending at 8,672.15, showing a smart gain of 80.00 points, or 0.93 per cent.

Stockwise, SBIN gained by 7.11 pct, Axis Bank 3.73 pct, Yes Bank 3.05 pct, Hndalco 2.88 pct, Tata Mot 2.69 pct, HDFC 2.50 pct, Reliance 2.14 pct and M&M 2.06 pct.

While notable losers include, BPCL 2.83 pct, Idea 1.57 pct, Cipla 1.53 pct, Infy 1.37 pct and TechM 1.35 pct.
Elsewhere, Asian markets ended higher after the three main indices in the US attained record closing high overnight. While, European stocks were trading narrowly mixed.
Turnover in cash segment climbed to Rs 23,509.12 crore from Rs 22,830.43 crore yesterday.
A total of 10,365.86 lakh shares changed hands in 84,66,696 trades. The market capitalisation of NSE stood at Rs 106,98,362 crore.