Nifty tops 9K for 1st time, Sensex up 135 pts as stocks rally

The benchmark Sensex today surged about 135 points to end at over one-month closing high of 29,593.73 while the NSE Nifty index topped 9,000 mark for the first time on continued optimism over economic reforms and solid foreign fund buying in RIL, TCS and Sun Pharma shares.
The NSE Nifty, after hitting all-time high of of 9,008.40 in the fag-end, ended at new closing peak of 8,996.25 -- a rise of 39.50 points or 0.44 per cent. The Nifty has surpassed its previous life high of 8,996.60 hit on January 30. It also beat its previous closing peak of 8,956.75 yesterday.

Markets have gained in the last 4 days with benchmark indices spurting over 3.5 per cent. Growth-oriented Budget proposals have also boosted investor optimism, brokers said.
The sustained rally has been possible as participants shrugged off data showing slower growth in eight core industries in January and fiscal deficit in April-January period breaching the budget estimate, they added.
Overcoming the initial choppiness and volatility, the key indices witnessed a strong rebound in late afternoon trade led by index heavyweight Reliance Industries following expectations of solid earnings show as crude price rebounded.
IT giant TCS also spurted about 4 per cent, followed by 2 per cent gains in HDFC and Sun Pharma. The drug major will buy GSK's Opiates business in Australia.

The BSE Sensex opened a tad higher at 29,500.19 and swung between a high of 29,636.86 and a low of 29,364.87 before ending at 29,593.73 -- a gain of 134.59, or 0.46 per cent.

Sentiment also remained upbeat on expectations that the government will try to push its big reform measures including the much awaited Insurance Bill and Coal Mines Bill in the ongoing Parliament session.
Among the sectoral indices, strong buying was seen in oil&gas and refineries followed by IT, Tech and Healthcare. Realty, Auto, Metal and Banking succumbed to selling pressure.
Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 424.79 crore yesterday, as per provisional data from stock exchanges.