Nifty surges by 70 points, ends at 8,523.80

The CNX Nifty reclaimed crucial 8,500-level, ending higher by 70 points to close at 8,523.80 on fresh buying in select counters on the back of good foreign capital inflows.
Shares of Auto, Pharma and IT sectors firmed up on good buying enquiries.
Investors were keenly tracking US Fed Chair Janet Yellen's two-day testimony before the US Congress and voting on reform measures by the Greek parliament, both scheduled later in the day.
Global crude prices fell following a nuclear deal between Iran and six major world powers as the lifting of sanctions means Iran will export more oil to the already oversupplied market. Brent was down 0.68 per cent at USD 58.11 per barrel.

The CNX Nifty resumed higher at 8,463.40 and firmed up further to 8,531.40 before settling at 8,523.80, disclosing a gain of 69.70 points or 0.82 per cent.
Other indices gainers were Auto by (1.17 pct), Pharma by (0.98 pct) and IT (0.96 pct).

Major Nifty gainers were Maruti (2.51 pct), Wipro (2.18 pct), Tata Motors (2.16 pct), Ultracem (1.98 pct) and TCS (1.85 pct).
However, Cairn fell by 1.44 pct, BPCL 1.00 pct, Yes Bank 0.95 pct, PNB 0.79 pct and Hcltech 0.71 pct.
Turnover in the cash segment fell to Rs 14,626.63 crore from Rs 14,947.68 crore yesterday.
A total of 8,327.62 lakh shares changed hands in 71,59,669 trades and the total market capitalisation of the Nifty stood at Rs 1,01,09,685 crs.