Driven by hectic buying spree, NSE Nifty vaults 95 points

Mumbai, Feb 3 (PTI) Riding on hectic all-round buyingspree, the benchmark CNX Nifty today soared 95 points andclosed above the 5,500-mark at the National Stock Exchange(NSE) here.

The 50-share index hovered between 5,532.65 and5,418.00 before finishing at 5,526.75, up 94.75 points or 1.74per cent over its previous close.

The market, overcoming early sluggishness and lack ofsupport from global peers, gradually picked up momentum onheavy buying in frontline counters and hectic short-coveringmainly in banking, infrastructure, FMCG and IT counters.

"The market absorbed most of its recent sell-off andbounced back amidst low-level buying," traders said. "However,the soaring food inflation and other macro problems continueto cast their shadow on the market," they added.

DLF, JP Associates, Bharti Airtel, Hindalco, AmbujaCements, Tata Motors, Hero Honda, Power Grid, L&T and SBINwere notable gainers from the Nifty pack.

Total turnover in the cash segment dropped to Rs11,695.73 crore from Rs 13,500 crore yesterday. A total of6,517.50 lakh shares changed hands in 56,78,726 trades. Themarket capitalisation stood at Rs 64,67,920 crore.