RIL spells remarkable market recovery; Nifty up by 1.74 pct

Petrochem giant Reliance Industries pulled the market from the overnight fall, as investors and funds resorted to a broad-based buying, staging remarkable recovery to spike 108 points at the National Stock Exchange (NSE).
The market largely sidelined yesterday's slide due to Fed's small stimulus tapering decision as the sentiment perked up after the cabinet allowed the RILs to double the price of its natural gas from April 2014 leading its rise to 4.81 per cent.
Positive FIIs' yesterday liquidity buildup of Rs 2,264.11 crore share purchase as per provisional data, along with higher European opening also supported the sentiment.
Apart from energy the surge also lifted by the rally in banks, IT, FMCG and pharma sectors.

The Nifty traded between a high of 6,284.50 and a low of 6,170.35 before ending at 6,274.25, showing a sharp gain of 107.60 points, or 1.74 per cent, over the last close.
The market resumed with a firm opening despite mixed Asian cues and hovered in positive zone during morning trade. It continued to advance, though pared some gains during the day, but the index regained strengthened to end in sharp green.
Major gainers were Reliance, ONGC, Wipro, Cairn, HDFC, JP Associates, M&M, DLF, PNB and Ambuja Cement.
Turnover in the cash segment declined to Rs 12,626.30 crore from Rs 14,238.34 crore yesterday. A total of 6,907.70 lakh shares changed hands in 62,44,154 trades, while market capitalisation stood at Rs 67,75,731 crore.