Nifty closes up over 100 pts

The benchmark Nifty saw a significant upmove today and rallied over 100 points on the back of short covering, it had lost a bit of ground in the last few sessions. Positive global cues also helped the Sensex to close with over 300 points gains.

Asian markets closed strong on the back of buying in the late trade; Shanghai was up 2.36% and Hang Seng was up 2.2%. Straits Times and Taiwan Weighted gained 1.6% each. Kospi was up 1.2%, Jakarta was up 0.94% and Nikkei was up 0.32%. European markets were trading 0.4% higher and the US index futures were trading marginally higher, at the time of closing of Indian equities.

The markets recovered all of Tuesday's losses. Buying was seen across all the sectors; metal, realty, FMCG, banking and capital goods were the major gaining sectors. Respective indices jumped 2-4%. However, Power Grid, Sun Pharma, HUL and Ranbaxy were the only losers on the NSE Nifty.