Mumbai: Extending its overnight gains, the benchmark CNX Nifty on Friday reclaimed the 8,200 mark on the National Stock Exchange (NSE) after the government upgraded growth forecast for the current fiscal, while positive overseas sentiment provided additional boost.
Expectations of further acceleration in reform process after the Cabinet's clearance to the GST Bill amid short- covering ahead of expiry of monthly derivatives next week triggered hectic buying.
After two successive years of below-5 per cent growth, India's GDP is expected to expand by 5.5 per cent in FY15 on the back of improving macro-economic environment, said the Finance Ministry's mid-year economic review.
The key index extended yesterday's rally with a firm opening, tracking overnight gains on Wall Street. However, heavy profit-taking in the last hour capped gains.
The 50-share CNX Nifty surged 65.90 points, 0.81 per cent, to finish at 8,225.20 after hitting a high of 8,263.45 and a low of 8,208.60 during the session.
Technology sector had a good day on strong revenue forecast from global outsourcing company Accenture and also positive economic data from the US. Wipro, TCS, HCL Tech, Infosys and Tech Mahindra gained 2-3 per cent.
Other frontline gainers included ICICI Bank, Reliance, HDFC, L&T, HDFC Bank, Power Grid, ONGC, Hindalco, Dr Reddy's, Sesa Sterlite, UltraTech, Coal India, NTPC, Zee, Axis Bank, M&M, Tata Power, Grasim, Tata Steel and Tata Motors.
On the downside, FMCG stocks witnessed heavy selling with HUL and ITC taking a big hit. Other laggards were DLF, Bajaj Auto, Asian Paints, Bharti Airtel, Bank of Baroda, Kotak Bank, Cipla and Jindal Steel.
Turnover in the cash segment rose to Rs 18,293.49 crore compared to Rs 16,508.72 yesterday. A total of 8,890.16 lakh shares changed hands in 78,35,312 trades, while market capitalisation stood at Rs 94,15,431 crore.
