Nifty up 46 pts on reform optimism

Equities gained for the second consecutive session as broad-based buying and rising optimism over further reform measures lifted the benchmark CNX Nifty by a healthy 46 points on the National Stock Exchange today.
The overall market sentiment got a boost amid hopes that the government will use the ordinance route to push more economic reforms. To show its commitment to reforms and attracted foreign investments, government promulgated the ordinance last week to hike Foreign Direct Investment (FDI) cap in the insurance sector to 49 per cent from 26 per cent.
After a strong start to trade, key indices maintained its upside momentum throughout the day. Buying was seen in almost all sectors, though some profit-taking at higher levels capped strong gains.

The broader 50-share index jumped by 45.60 points, or 0.56 per cent, to end at 8,246.30 after hitting a high of 8,279.5 intra-day.
Meanwhile, rest of Asia finished mixed with equities in Hongkong rallying to three-week high in a thin trade amid renewed concerns on news of a possible Ebola case in Tokyo.
Metal, Auto, FMCG, Energy, Technology and Healthcare counters attracted huge buying interest. However, banking sector saw profit-taking.

Commodity and resource stocks had a solid session led by key heavyweights such as Sesa Sterlite 3.76 per cent, Jindal Steel 3.35 per cent, Hindalco 3.32 per cent, Coal India 2.26 per cent and Tata Steel 1.47 per cent.

Other prominent movers included Asian Paints, Tata Motors, RIL, HDFC, ITC, TCS, Sun Pharma, Hero Moto, HUL, Lupin, HDFC Bank, Infosys, ONGC, Ultratech, HCL Tech and IDFC.
Notable losers were index heavyweights ICICI Bank, Bharti Airtel, Kotak Bank, PNB, Cairn India and M&M.
Turnover in the cash segment rose to Rs 10,571.70 crore against Rs 9,007.21 crore last Friday. A total of 6,097.68 lakh shares changed hands in 51,18,558 trades. The market capitalisation stood at Rs 95,09,500 crore.