Markets continued to trade firm with the Sensex gaining over 300 points (1.8%) at 17,658. Nifty was up 92 points at 5,331. Global cues as well as buying interest in heavyweights have helped markets to gain.
Asian markets soared after the European Central Bank outlined its bond buying scheme in an attempt to draw a line under the region's debt crisis. Stronger-than-expected jobs data from U.S. private sector, which bode well for the key U.S. non-farm payroll figures due
out on Friday, also encouraged investors to cover their bearish bets. Nikkei added 2.2%, Shanghai Composite soared 3.6% and Hang Seng jumped 2.8%, respectively.
The rupee continued to rule firm against the American currency in late morning session by gaining 10 paise to 55.56 against dollar on sustained selling of dollars by banks and exporters.
All the sectoral indices traded in the positive zone. BSE metal index jumped 2%, followed by realty and bankex. Capital goods, auto and oil & gas indices were up nearly 2% each as well.
Broader markets underperformed the benchmark. BSE mid-cap index was up 1% at 6,113 while small-cap index advanced 0.8% at 6,461.
Tata Steel surged 4.7% to Rs 367. Heavyweights ICICI bank and Reliance advanced 3-4% each and contributed the most to the Sensex's surge.
Hindalco, Tata Motors, Bajaj Auto and Larsen & Toubro are also in the green.
BSE market breadth is positive. Out of 2,701 stocks traded, 1,699 shares advanced while 874 shares declined.
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