Nifty spike five week high, up 63 points

Market gained substantially to mark five week highs ahead of October derivative expiry tomorrow amid buying in Realty, Metal, Auto, FMCG counters to garner 62.85 points at the National Stock Exchange (NSE) today.
Market momentum were positive, but mostly traded in range amid caution over US Federal Open Market Committee (FOMC) meet which would be ending today and its outcome, but witnessed fag-end hectic short-covering as investor sentiment overlapped by hopes of further economic reforms as well as expectations of rate cut amid rally in global stocks.
Shares of Mid-cap and Small-cap companies also witnessed firm buying.
The 50-share Nifty traded between a high of 8,097.95 points and a low 8,052.25 points before closing at 8,090.45 points, showing a gain of 62.85 points, or 0.78 per cent, from previous close.

Asian stocks traded higher after US stocks surged overnight on optimism about earnings and economic data.
Top five gainers were Hindalco 6.23 per cent, DLF 6.15 per cent, Tata Steel 4.54 per cent, Jindal Steel 4.18 per cent and Tata Motors 3.45 per cent.
Other notable gainers were Infy, Cairn, Bajaj Auto, SSLT and Grasim.
Turnover in the cash segment surged to Rs 15,775.38 crore against Rs 14,225.78 crore yesterday. A total of 7,863.94 lakh shares changed hands in 69,04,045 trades, while market capitalisation stood at Rs 92,63,837 crore.