Market rides on global optimism, Nifty retrace 5,000-mark

Domestic investors gorged shares fuelled by global optimism amid sustained funds inflow helping the benchmark CNX Nifty retrace the psychological 5,000-mark level at the National Stock Exchange (NSE) here today.

The 50-share Nifty oscillated between a high of 5,023.80 and a low of 4,991.40 before ending at 5,018.40, a rally of 62.60 points, or 1.26 per cent, over its previous close. Trading commenced on a highly positive note lifting the key-index trade above 5,000-level in the back-drop of strong global sentiment.

Equities across the markets touched a two-month high, boosted by better than expected earnings from US and IMF's decision to generate more funds to tackle euro-zone debt crisis. The bourses maintained the rally throughout the session with strong buying coming in financials, oil&energy, metal, infra, auto and realty space.

"The overall global environment is looking highly positive on renewed growth optimism and concerns are somewhat subsiding," traders said. "Apart from that Q3 earnings so-far declared is not giving any negative feelings till now," they added.

Meanwhile, technology and fmcg counters witnessed profit- selling in today's trade. Reliance Infra, Tata Power, Sterlite Industries, JP Associates, NTPC, DLF, RCOM, ICICI Bank, IDFC and Hindalco were the top percentage wise gainers from the Nifty.

However, BHEL, M&M, Bharati Airtel, Siemens, Infosys, Wipro, ITC, Hindunilever and TCS registered losses. Turnover in cash segment dropped to Rs 11,633.70 crore from Rs 12,187.24 crore yesterday. A total of 7,247.76 lakh shares changed hands in 67,81,023 trades. The market capitalisation stood at Rs 57,47,970 crore.

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