The markets surged in late trade and uptick was also seen in volumes. Advance-decline ratio was at 5:2.
Reliance Industries was the key gainer, which rose 4%. Metal, capital goods and auto indices rose 1.5%.
Global cues
The US markets lifted on Federal Reserve's decision. Fed kept benchmark interest rates near zero level.
Fund flows
FIIs were net buyers to the tune of Rs 378 crore while DIIs net sellers of Rs 158 crore in cash markets on March 16, as per provisional data.
F&O action
The markets bounced back on short covering. Short positions were seen at lower levels and premium widened to 6 points from 3 points. Support for the market shifted to 5,100 levels.
The Nifty 5200 Put added 19.4 lakh shares in OI (open interest) while Nifty 5200 Call shed 9.7 lakh shares in OI and Nifty 4900 Put shed 6.3 lakh shares in OI.
IVRCL Infra added 8.25 lakh shares in OI and Yes Bank added 7 lakh shares in OI while Reliance Communications shed 18.4 lakh shares in OI and Apollo Tyres shed 13.12 lakh shares in OI.
FIIs in F&O
FII net sold Rs 375 crore in Index Futures while net bought Rs 946 crore in Index Options on March 16.
