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The market remained strong in morning trade with the Sensex surging 281.73 points or 1.07 percent to 26528.52 and the Nifty climbing 84.10 points or 1.07 percent to 7926.80 supported by broadbased buying. Market expert Ambareesh Baliga sees 7,800-7,750 as good support level for the Nifty. In an interview with CNBC-TV18, he said Nifty is unlikely to go much beyond 8,000 levels. He remains positive on cyclicals and expects them to become more attractive post any market correction. According to Baliga, the next leg of market rally will be led by cyclicals. The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 1.4 percent each. Advancing shares outnumbered declining ones by a ratio of 1544 to 380 on the Bombay Stock Exchange. The BSE Capital Goods, Realty, Metal, Banks, Healthcare, Power and Oil & Gas indices gained 1-1.7 percent. Hindalco and BHEL kept their top positions in the buying list, up 4.8 percent and 3.5 percent, respectively. Dr Reddy's Labs, Cipla, HDFC, Bank of Baroda, Ambuja Cements and PNB surged 2-2.6 percent. However, NTPC and Bajaj Auto were only losers in the Sensex 30 stocks.

According to Richard Gibbs of Macquarie Securities reduced crude prices goes in favour of the Indian economy and gives RBI a scope for monetary accommodation Richard Gibbs Global HD, Macquarie More about the Expert Richard Gibbs, Global Head of Macquarie Securities is upbeat on India because he thinks there is room for structural expansion and the demand is much better than anywhere else in the world. According to him reduced crude prices goes in favour of the Indian economy and gives RBI a scope for monetary accommodation. It is also likely to produce some tailwind for the global economy. "It certainly provides latitude on the trade side but also in terms of the inflation side for the economy as well." The house remains a buyer on India. What is the sense you are getting. Are we now facing a fairly big challenge to global growth and therefore are risk assets going to head lower? A: I think the International Monetary Fund (IMF) is articulating that fairly well as we move into the IMF World Bank annual meeting in the next few days. It really is a case where the US is I suppose the best if you see IMF's parlance and that's for investors who have been searching for growth is a disappointment. So, now I suspect we are going to have people turning back towards in search for yield and that has become difficult as well with the expansion in quantitative easing measures around the world but most particularly by the European Central Bank of course. At the end of the day lower crude prices are probably growth positive and the issue there is whether they pertaining further disinflationary pressure/deflationary pressure in the major economies. Certainly for an economy like India, cooling in crude prices is a positive. It certainly provides latitude on the trade side but also in terms of the inflation side for the economy as well. It's a bit of a two-edged sword as I suppose in that sense but overall lower crude prices are likely to produce some tailwind for the global eco