Markets extend gains, Sensex up over 200pts

Positive global cues and sustained buying by foreign institutional investors have buoyed markets over 1% in late-morning trades. The Sensex after a quiet opening has shot up over 200 points to a high of 18,966. The Nifty is up 64 points at 5,689.

According to provisional data, FIIs have bought shares worth a net Rs 220.45 crore on Wednesday.

Asian markets have moved up this morning. Hang Seng has added 0.6% at 22,652. Straits Times and Seoul Composite are up 0.5% each. European markets are expected to open higher today, ahead of the Central Bank's decision on interest rates.

Auto stocks have gained on hopes of better sales figure in te second half of the year. Ashok Leyland gained 1% at Rs 52.3 after total vehicle sales rose 40%. M&M has jumped 1.3% after sales rose 29%. Bajaj Auto is up 0.4% on a 16% rise in sales.

Debutant stocks have soared this morning. Both Birla Pacific Medspa and Rushil Decor have had admirable listings and are trading up over 16% each from their issue price.

Banking heavyweight, HDFC Bank, has advanced after the board of the company had fixed July 16 as the record date for a stock split in the ratio of 1:5. The face value of each equity share will be divided to Rs 2 from the present Rs 10.

Telecom stocks, too,  are having a field day with stocks soaring 1-8% each. Tata Tele has jumped 7% to Rs 20.40. Tata Communications, Bharti Airtel, Idea Cellular and MTNL has jumped 1-2% each on the BSE.

Shipping stocks, however, are trading a mixed note. SEAMEC has dropped 1.2%, followed by Shreyas Shipping and Global Offshore. On the other hand, Great Offshore and Mercator Lines have gained nearly 1% each on the BSE.