Nifty soars by 146 points on frantic buying

Mumbai: Frantic buying spree on the `Valentine`s Day` pushed the benchmark S&P CNX Nifty to surge by 146 points at the National Stock Exchange (NSE) here on Monday.

Today`s rally was mainly substantiated by global stock market buoyancy after the Egyptian crisis faded amid easing crude oil prices.

The 50-share index touched an intraday high of 5,463.80 before ending at 5,456.00, up 146.00 points, or 2.75 per cent, over its previous close.

The market opened on a highly positive note extending over Friday`s impressive pull-back rally with very much supportive global sentiment. The key index gained momentum with across the board low level buying, amid hectic short-covering while consolidating all gains till the session-end.

Though the momentum was across the board, hectic buying was witnessed mainly in beaten down interest sensitive counters taking the lead, along with FMCG, steel, IT, infra, Small and Mid-Cap counters.

"The market looks oversold at this moment, pushing the investors to value based buying once again. As of now nothing has changed at macro level, we can term this as a relief rally," traders commented.

L&T, JP Associates, Suzlon, Tata Motors, Jindal Steel, BHEL, Kotak Bank, Sesa Goa, Tata Steel and Axis Bank were top gainers from Nifty.

Total turnover in the cash segment declined to Rs 12,898.44 crore from Rs 13,776.82 crore last Friday. A total of 6,970.15 lakh shares changed hands in 62,27,298 trades. The market capitalisation stood at Rs 63,34,005 crore.