Nifty ends near 8200; IT slips 2%, Hindalco surges 9%

Bulls maintained winning streak on Dalal Street as the market rose for the sixth straight session. The Sensex ended up 102.97 points or 0.4 percent at 27035.85. The Nifty was up 24.50 points or 0.3 percent at 8177.40. About 1660 shares advanced, 1081 shares declined and 114 shares were unchanged.

Nilesh Shah, Managing Director of Kotak Mahindra Mutual Fund feels that earlier the market had run ahead of fundamentals but now valuations overall are reasonable. According to him resumption of foreign institutional investor flows (FIIs) along with continuation domestic institutional investor (DII) flows together could likely be the next big trigger for the market. Moreover, the consumption recovery and optical recovery in terms of year on year gains will support market in the medium-term.

Meanwhile, oil, metals and auto stocks supported the market while IT index fell 1.7 percent from previous close. Hindalco, Vedanta, ONGC, Tata Steel and Bajaj Auto are top gainers in the Sensex. Among the losers are Wipro, Axis Bank, Bharti, Infosys and TCS.

Rupee gained past 65/USD for first time since August 14, up 1.5 percent since RBI policy on September 29. Earlier, the rupee opened higher at 65.29 per dollar as against yesterday's level of 65.41 per dollar at the Interbank Foreign Exchange (Forex) market.Crude prices are on a tear with the Brent breaking the psychological 50-dollar a barrel mark after a new forecast coming out of the US showed tighter supplies next year. Russia and Saudi Arabia hinted at the possibility of holding talks to co-operate on future production levels.On the IPO front, the market is gearing up for the coffee brand. Coffee Day Enterprises Ltd (CDEL), the holding company of the Cafe Coffee Day (CCD) will launch its Rs.1,150-crore initial public offering (IPO) on 14 October. The firm has fixed a price band of Rs.316-328 for the issuance.