Nifty surges 147 points, ends above 7,350 on global cues

Rising for the second straight day, Nifty surged 147 points to close above the 7,350-mark led by banking and metal counters on the back of positive global and domestic cues.
However, FMCG and pharma stocks failed to show positive momentum.
In overseas markets, European stocks edged higher, tracking gains in Asian markets triggered by upbeat US economic data and overnight rally on the Wall Street.
The 50-share broader index opened higher at 7,321.70 and hovered in a range of 7,380.35 and 7,308.15, before ending at 7,368.85, a gain of 146.55 points, or 2.03 per cent.
Among the sectoral indices, PSU Bank surged 9.90 per cent and Bank Nifty rose 4.71 per cent after the RBI relaxed capital rules to help banks meet Basel-III norms.

As per the new rules, banks will be allowed to recognise part of their real estate assets, foreign currency assets and deferred tax assets as tier-I capital.

They were followed by realty (5.67 per cent), financial service (4.09 per cent), IT (2.44 per cent), metal (2.11 per cent), infra (2.02 per cent), energy (1.69 per cent) and media (1.92 per cent).
FMCG and pharma slipped modestly by 0.29 per cent and 0.14 per cent, respectively.
The broader mid-cap and small-cap indices advanced by 2.07 per cent and 2.39 per cent, respectively.
Major gainers were SBI (11.79 per cent), ICICI Bank (7.34 per cent), PNB (6.79 per cent), Bank of Baroda (6.76 per cent), Hindalco (6.69 per cent), Adani Ports (5.51 per cent), Tech Mahindra (5.01 per cent), Yes Bank (4.96 per cent) and Hero MotoCorp (4.94 per cent).

Major losers included M&M, Sun Pharma, ITC, Coal India, BPCL and Bajaj Auto.
The market breadth was positive as 1,250 stocks ended higher, 318 finished lower, while 50 ruled steady of the total 1,618.
Turnover in cash segment rose to Rs 20,722.76 crore from Rs 19,399.00 crore yesterday. A total of 11,040.46 lakh shares changed hands in 88,96,879 trades.
The market capitalisation of NSE stood at Rs 88,37,791 crore.