Markets continue to trade firm

Markets have gained smartly today on global cues and buying in select spaces. Corporate earnings continued to buoy investor sentiments.

The Sensex touched a high of 20,538 but slipped in mid-noon trades. It was volatile in a narrow range. The index is now up 164 points at 20,509.

The Nifty is up 50 points at 6,169.

Global markets are waiting for the Federal Reserve's meet due today. Asian markets ended up as Deutsche Bank raised estimates for Kospi.

Back home, investors await the listing of PSU company, Coal India. CIL will be listed tomorrow. On Tuesday the RBI raised repo and reverse repo rate by 25 bps each.

"The RBI has signaled a pause in rate hike for December policy review, unless the inflation spirals out of control or there more-than-expected expansion in GDP or IIP activity. The markets are relieved that there will be no further rate hike for next three months, which will act as a positive trigger", says Phani Shekhar, Fund Manager, Angel Broking.

Metal index continues to shine. The BSE metal index is up 1.7% at 17,105. Sterlite has jumped over 3% to Rs 176. Tata Steel has added 2% along with NMDC. Sesa Goa, Hindalco and Jindal Steel are among the gainers.

ACC has jumped 2.5% to Rs 1,083 - after touching a new 52-week high on good October sales. Tata Motors has gained 2% at Rs 1,177.

HDFC, TCS, SBI and Hero Honda are among the Sensex gainers.

Meanwhile, Cipla is down 0.6% to Rs 349. Market heavyweight, Reliance, is down 0.5% at Rs 1,070.