Earning sentiment helps Nifty rally by 1.23 pc

Mumbai, Jan 18 (PTI) Sharp market rally on satisfactoryinitial earnings from India Inc led the benchmark S&P CNXNifty to recover smartly by 69 points at the National StockExchange (NSE) here today.

The 50-share index shuttled between 5,730.50 and 5,671.25before ending at 5,724.05, up by 69.30 points or 1.23 percent over its previous close.

The session commenced on a higher note on the back ofAsian gains and healthy overnight pull-back, the key-indexcontinued its momentum while consolidating its gains furtheramidst low-level buying.

The positive quarter three results from India Inc tillnow encouraged buying in tech, bank, auto and metal counters,leading the smart pull-back recovery.

"Robust earning from TCS surely helped the market to puta temporary stop on volatile situations in the market," saidtraders.

"The market is certain about good earning season that isunderway, apart from negative macro problems which are to betackled seriously," they added.

TCS, Sterlite Industries, Sun Pharma, Ambuja Cements,Ranbaxy, Axis Bank, Jindal Steel, JP Associates, Suzlon andWipro were the top gainers from the Nifty.

However, Reliance Infra, Bharti Airtel, Sesa Goa, GAILand HDFC registered losses.

Total turnover in the cash segment improved to Rs11,403.33 crore from Rs 11,360.89 crore last Friday. A totalof 5,624.00 lakh shares changed hands in 53,75,089 trades andmarket capitalisation stood at Rs 66,70,702 crore at the endof day.