Firm trades continue, Sensex up 475pts

The markets continued trading strong in late-morning trades on the back of positive global cues and heavy buying in front-line stocks ICICI Bank, RIL and Infosys. Together, the three have accounted for a 175 point gain to the Sensex, so far. According to analysts, long positions are seen in some of the heavyweights ahead of the quarterly results, due from October 12th. The BSE Sensex is at 16,269, up 476 points, while the S&P CNX Nifty is at 4,902, up 151 points. Earlier in the day, the BSE benchmark index has touched a high of 16, 348.

The Asian markets are trading firm with the Nikkei and Hang Seng indices having gained 1-3% each.

On the sectoral front, BSE Bankex, Metal and Realty indices, up nearly 4% each, are the prominent gainers. Axis Bank, ICICI Bank, Yes Bank, IndusInd, up 5-7% each, are the major gainers among the financials.

Sterlite Industries, Jindal Steel & Power, Sesa Goa and SAIL, up 4-8% each, are the prominent gainers from the Metals' space.

Among the Sensex 30 stocks, Tata Motors, Sterlite Industries, Jindal Steel, ICICI Bank and DLF, up 6-7% each, are the major gainers. Bharti Airtel, down 3%, is the only loser from the pack.

Among individual stocks, Tech Mahindra jumped nearly 4% in trade today on reports that Bahrain-based telecom firm – Menatelecom – has awarded WiMAX managed services contracts to Tech Mahindra and Huawei Technologies for the year 2012-2013.

India Infoline (IIFL) has gained 2% after Carlyle Group LP acquired a 9% stake in the company through secondary market purchase. The US private equity firm did not disclose the amount paid for the shares. It would get a seat on the board of the company, said a joint note on the development.

Meanwhile, metal companies have rallied more 4% each on the bourses after LMEX, a gauge of six metals traded on the London Metal Exchange (LME), reported its biggest single-day gain in percentage terms in the past twenty months on Thursday, encouraged by signs that Europe's debt crisis was being brought under control.

The overall market breadth is positive as 1,785 stocks have advanced against 542 declining ones, on the BSE.