Market stages rally,Nifty up by 172 pts

Nifty fluctuated in a range of 4,934.40 and 4,806,05 before closing at 4,919.60.

Shares on the National Stock Exchange rallied smartly today amid indications from the Federal Reserve that the US economy was recovering and sent the S&P Nifty soaring to close at 4,919.50,up 172 points.

It was the biggest rise registered by the index over the last six months,the earlier being on March 1 when it had spurted by 189 points.

US Fed Chairman Ben Bernanke,on Friday,stated that the US economy was recovering and poised to grow in the second half of 2011. The statement helped Asian bourses showing a firm trend and influenced sentiment in the Indian market.

Story continues below this ad

Asian indices,except China,ended in the green. The European markets also opened firm which further bolstered the mood of the operators here.

The 50-share Nifty fluctuated in a range of 4,934.40 and 4,806,05 before closing at 4,919.60,exhibiting a sharp rise of 171.80 points or 3.62 per cent. It had tumbled by 201.10 points or 4.06 pct in the last three sessions.

IT,realty,bank,energy and infrastructure shares were at the vanguard of the rally.

Reliance Capital (13.22 pct),HCL Tech (8.19 pct),TCS (7.35 pct),Rel Power (7.25 pct) and Kotak Bank (6.98 pct) were the top five gainers from the Nifty family while only ONGC and Maruti Suzuki were losers.

Story continues below this ad

Turnover in cash segment declined further to Rs 9,418.90 crore from Rs 10,267.59 crore last Friday. A total of 5,478.33 lakh shares changed hands in 50,88,311 trades. The market capitalisation stood at Rs 58,43,390 crore.