Nifty spurts 53 pts to reclaim 8,500 mark; metals give a lift

Indian markets continued their bullish momentum for a second straight day to conquer fresh 11-month highs on optimism about a turnaround in the economy amid more hopeful view of corporate earnings.
The NSE-benchmark Nifty rose by over 53 points to 8,521.05 - its highest close since August 10, 2015.
Highly buoyant overseas tone on hopes of more stimulus from central banks globally in the aftermath of Brexit jitters further influenced investors' sentiment.
Though the momentum was across the board, hectic buying was witnessed mainly in metal and rate sensitive counters.
The market opened on a highly positive note, extending its overnight impressive pull-back rally with very much supportive global sentiment in the face of record US closing.

But, bourses encountered profit-taking at higher levels and turned volatile in later afternoon session amid caution ahead of key macro data release later in the day.

However, it regained strength toward the fag-end and closed with a handsome gain.
Elsewhere, all major Asian indices ended firmly higher with the Nikkei leading the region following stimulus comments after Prime Minister Shinzo Abe's ruling coalition won a fresh mandate to unleash pro-growth policies.
The broder Nifty commenced on a strong footing at 8,502.60 and hovered between a high of 8,526.60 and a low of 8,479.20 before ending at a fresh 11-month high of 8,521.05, revealing a smart gain of 53.15 points, or 0.63 per cent.

The gauge had climbed 145 points in yesterday's trade on a wave of frantic buying sprint across the board after a brief period of consolidation.
On sectoral front, Nifty metal outperformed its peers, surging over 3.30 per cent fueled by a rally in global commodity and resources stocks.
It was followed by Private Bank up (1.88 per cent), Nifty Bank (1.50 per cent), Realty (1.35 per cent), Auto (0.70 per cent), Energy (0.69 per cent), Infra (0.35 per cent), PSU Bank (0.35 per cent) and IT (0.10 per cent). The midcap and smallcap, too rose 0.53 and 0.40 per cent, respectively.

Healthcare and FMCG, however, witnessed some selling.
The largest contributors to index rise included ICICI Bank, HDFC, Axis Bank, Reliance, Maruti, Tata Steel, Hindalco, SBI, L&T, ONGC, Grasim, HDFC Bank, Yes Bank, and Bharti Airtel.
Among the losers were ITC, Sun Pharma, Aurobindo Pharma, Dr Reddy's, BPCL, HUL and Asian Paint.
While, falling stocks outnumbered gaining ones by 882 to 735 and 65 ended unchanged.
Turnover in cash segment jumped to Rs 19,862.16 crore from Rs 17,709.95 crore on Monday.
A total of 14,727.07 lakh shares changed hands in 78,42,849 trades. The market capitalisation of NSE stood at Rs 103,99,773 crore.