NEW DELHI: The 50-share Nifty index rallied over 100 points to reclaim its crucial psychological level of 8400, supported by strong buying in banks, followed by consumer durable, metals, realty and power stocks.Tracking the momentum, the S&P BSE Sensex also surged as much as 416 points, led by gains in HDFC, ICICI Bank, HDFC Bank, Infosys and L&T.The Bank Nifty, which opened with a gap-up, rose to a fresh all-time high of 19093.55 in trade on expectations of some positive news flow as the government meets RBI Governor, bankers and financial institutions in a two-day conclave in Pune starting today. The conclave will see participation by public sector banks, insurance companies and financial Institutions.The S&P BSE Bankex was trading 1.75 per cent higher, while Bank Nifty was up 1.7 per cent as compared to 1.3 per cent rise in the S&P BSE Sensex."Banking overall will continue to do well and in 2014, we had say nonbanking financial services companies not doing that well," says Nilesh Shah, MD & CEO, Axis Capital."My guess is that now the earnings will start improving for NBFC sector and even that should be considered as part of your banking portfolio because there will be some good opportunities over there," he adds.An HSBC survey said that India's manufacturing sector grew at its fastest pace in two years in December on strong order flows from domestic buyers as well as from abroad.Despite a muted start to the new year, analysts are hopeful that markets would still be able to give a minimum of 15 per cent return in this year."Nifty/Sensex, the benchmark indices, have not corrected by even 10% on any single occasion since last 15 months and the trend is likely to continue in spite of expectations of higher volatility in 2015," says Gaurav Dua, Head, Research at Sharekhan Limited."Thus, we retain our positive stance of equities and continue to see global risk aversion-driven corrections as accumulation opportunities," he adds.Dua is positive on rate-sensitive sectors like banking, financials and auto & auto ancillaries in addition to urban consumer discretionary spending-driven businesses and quality cyclical stocks.At 01:40 p.m.; the 30-share index was trading at 27,923, up 405 points or 1.47 per cent. It touched a high of 27,923.95 and a low of 27,519.26 in trade today.The Nifty was at 8400 up 117 points or 1.4 per cent. It touched a high of 8407.85 and a low of 8288.70 in trade today.Tata Steel Ltd is a 'BUY' call with a target of Rs 426 and a stop loss of Rs 404Federal Bank is a 'BUY' call with a target of Rs 162 and a stop loss of Rs 147Indiabulls Housing Finance Ltd is a 'BUY' call with a target of Rs 485 and a stop loss of Rs 460LIC Housing Finance Ltd is a 'BUY' call with a target of Rs 466 and a stop loss of Rs 445Arvind Ltd is a 'BUY' call with a target of Rs 298 and a stop loss of Rs 282Axis Bank Ltd is a 'BUY' call with a target of Rs 533 and a stop loss of Rs 503Tata Motors DVR is a 'BUY' call with a target of Rs 355 and a stop loss of Rs 336Jindal Steel Ltd is a 'BUY' call with a target of Rs 171 and a stop loss of Rs 157AB Nuvo Ltd is a 'BUY' call with a target of Rs 1760 and a stop loss of Rs 1690Colgate Palmolive Ltd is a 'BUY' call with a target of Rs 1885 and a stop loss of Rs 1812HDFC Bank Ltd is a 'BUY' call with a target of Rs 980 and a stop loss of Rs 950Exide Industries Ltd is a 'BUY' call with a target of Rs 215 and a stop loss of Rs 175Bata India Ltd is a 'BUY' call with a target of Rs 1410 and a stop loss of Rs 1260Kolte Patil Ltd is a 'BUY' call with a target of Rs 210 and a stop loss of Rs 182Divi's Laboratories Ltd is a 'BUY' call with a target of Rs 1820 and a stop loss of Rs 1710JSW Steel Ltd is a 'BUY' call with a target of Rs 1115 and a stop loss of Rs 1035 Bank of Baroda is a 'SELL' call with a target of Rs 1050 and a stop loss of Rs 1125ICICI Bank Ltd is a 'BUY' call with a target of Rs 390 and a stop loss of Rs 352 Canara Bank is a 'BUY' call with a target of Rs 480 and a stop loss of Rs 445PFC Ltd is a 'BUY' call with a target of Rs 335 and a stop loss of Rs 307(Views and recommendations expressed in this section are the analysts' own and do not represent those of EconomicTimes.com. Please consult your financial advisor before taking any position in the stocks mentioned.)