Nifty surges 186 points on strong global cues

The benchmark Nifty surged by 186 points to close above 7,900 following across the board buying led by Banking stocks, FMCG, IT, Auto and Realty triggered by gains in global stocks on strong US housing data.
Optimism prevailed throughout the day, Nifty continued to gain momentum as day passed. Solid buying force helped Nifty to post day high of 7,941.20 and struck its highest level in almost four weeks.
In overseas stock markets, European stocks edged higher as eurozone finance ministers and the International Monetary Fund (IMF) reached a deal to unlock more bailout funds for debt-burdened Greece.
Asian equities edged higher after encouraging reports on US housing market saw sharp gains in US stocks overnight.

The 50-share Nifty resumed higher at 7,811.80 and moved in a range of 7,941.20 and 7,809.30 before ending at 7,934.90, showing a sharp rise of 186.05 pts or 2.40 per cent.
On the sectoral front, Bank surge by (3.29 pct), Pvt Bank (3.24 pct), PSU Bank (3.18 pct), Finance Serv (2.77 pct), IT (2.66 pct), FMCG (2.05 pct), Auto (1.99 pct), Realty (1.70 pct), Media (1.27 pct), Metal (1.25 pct) and Pharma (0.53 pct.

Among the Index gainers were, TechM rose by 10.05 pct followed by Indusind Bank 5.03, ICICI Bank 4.65 pct, Bhel 4.12 pct and Bajaj Auto 4.01 per cent.

While, only Cipla dropped by 4.42 per cent.
1070 shares advanced, 461 fell, while 89 ruled steady.
Turnover in cash segment rose to Rs 16,673.79 crs from Rs 15,171.69 crs previously. A total of 8,170.61 lakh shares changed hands in 70,61,115 trades.
The market capitalisation of NSE stood at Rs 95,09,501 crore.