Mkts break out of narrow trading range

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The narrow trading range has finally been broken. Powered by a 4% rally in big boy Reliance, the markets surged ahead in late trade and closed with handy gains.

The Nifty shut shop just shy of the 5,200 mark, with a 69 point upmove. The Sensex scored a double-century ending the day at 17,383.

The broader markets were a bit more muted in comparison, with the Midcap index and Nifty Junior closing with sub-1% gains.

Post 2 o' clock, Reliance started moving higher, volumes picked up quite a bit, it was around 45,000 crore at 2 o' clock and we finally ended the day with double of those volumes. So a huge change in volumes in the last hour or the hour and a half of trade and it was Reliance all the way that propelled the Nifty with a 4% move.

There were other components around it with nice cameo knocks, so steel was a good performer today with stocks like JSPL, Tata Steel and SAIL, some of the autos like Tata Motors and M&M looked quite sprightly, Idea in the telecom space was good and other oil and gas stocks like Cairn and BPCL also looked quite smart, L&T the big boy in Infrastructure also nudged along quite nicely.

So it was a good performance by the largecaps, some disappointments likes ACC, Bharti and ITC but we did have some leadership in the market after a long time the reason why the Nifty not only cleared 5150 but against the run of the grain went on to post 5200 today.