Led by gains in capital goods and realty scrips, the markets ended firm with the benchmark index surging 375 points to close at 17,353 levels. In broader markets, the Nifty firmed up over 100 points and ended at 5,115.
“Technically, Nifty futures faces strong resistance in 5,120 region and must sustain above that decisively on closing basis to negate the bearishness. Its immediate resistance is at 5,030,” said an analyst with Religare Securities.
In other Asian markets, Japan’s Nikkei rose 1%, extending its gains for the fourth day, reflecting growing optimism about earnings prospects. Taiwan, Singapore, Hong Kong and Shanghai bourses also gained ground.
Back home, Larsen & Toubro, Reliance Communication, Wipro, TCS Limited, Maruti Suzuki, Infosys Technologies, Hindalco, ICICI Bank and Grasim Industries were among the top gainers among the BSE 30 scrips.
Among sectoral indices, the BSE capital goods index was the top gainer that vaulted 3.7% by close. Gains in this space were led by Crompton Greaves that firmed up 8.1%. Punj Lloyd, Kirloskar Bearings, Areva T&D, Alstom Projects and Praj Industries also ended in positive turf.
Larsen & Toubro moved up 4.7% to Rs2,962 on the back of the company selling its Ready Mix Concrete (RMC) business to Lafarge for Rs1,480 crore. The sale has been made effective through a transfer of the business along with all assets and liabilities and the employees connected with the RMC business.
Strong buying was also visible in realty counters. Akruti City, DLF Limited, Indiabulls Real Estate, Parsvnath Developers, Unitech Limited and Phoenix Mills were the key movers.