Nifty surpassed 4950 level

The benchmark Sensex rallied further by more than 150 points while the Nifty surpassed 4950 level. ONGC, Reliance Industries, Sterlite Industries, ITC and BHEL were leading counters, which gained 4.7%, 1%, 5%, 2% and 1.5%, respectively. But the volatility was still lingering ahead of May expiry today.

Positive European cues were also quite supportive; CAC, DAX and FTSE gained 1% each. Asian markets also moved up further; Shanghai, Nikkei and Taiwan were up over 1% each. Hang Seng, Straits Times and Kospi went up 1.5-1.7%.

The Sensex was trading at 16538, up 150 points and the Nifty was at 4958, up 40 points on the back of short covering.

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