The market extended rally in afternoon trade with the Nifty scaling above 8100 led by heavyweights like Reliance Industries, HUL, L&T, ITC and HDFC. The Sensex spiked 235.69 points to 26922.20 and the Nifty climbed 66.35 points to 8113.65.
The broader markets continued to outperform benchmarks, up more than 1.5 percent. About 1666 shares have advanced against 822 shares declined on the Bombay Stock Exchange. Sanjeev Prasad of Kotak Institutional Equities does not see many triggers for market to move up in the near term. The improvement in the economy is yet to translate into real revenue numbers and chances for earnings upgrades are remote at the moment, he added. Asian markets stayed cheerful ahead of FOMC outcome today. Shanghai gained 1.65 percent and Hang Seng rose 0.7 percent. However, European stocks were marginally lower as Greek jitters persisted. Government sources said the cabinet has approved Rs 50 per quintal in minimum support price of paddy and also approved hike in import duty on long steel products to 7.5 percent from 5.5 percent. Tata Steel topped the buying list on Sensex, up 5 percent followed by Cipla (up 4.4 percent) and HUL (up 3.7 percent). L&T, Reliance Industries, HDFC, ITC, Bharti Airtel, Wipro, Dr Reddy's Labs and Hindalco gained 1-3 percent. However, Vedanta and BHEL lost 1-2 percent.
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