Markets firm; metals shine

The markets remain stable near the day's high as all the emerging markets trade in the green. The Sensex is stable at 18,150, up 101 points, and the Nifty has gained 31 points at 5,446. The Asian markets too are in the green. After several days of bleak trading, the Nikkei has gained 86 points or 0.9% at 9,247. However, Hang Seng is flat at 21,097.

Japanese shares were helped by Wall Street's rise, with exporters' stocks rising after the yen moved lower against the euro and the US dollar. The Nifty is now inching closer to the 5500 mark, which is a crucial resistance level. Most analysts expect the Nifty to head higher if it surpasses 5500.

The smallcap index and the midcap index, gaining 0.9% each, continue to outperform the benchmark index at 0.5%.

Among the BSE sectoral indices, Auto had gained 0.9% and the metal index is shining at 0.8%. However there is no improvement in the Capital Goods and Consumer Durables space, which are still languishing in the red. The gainers in the auto space are Apollo Tyres, up 4%, followed by Tata Motors up 3% and Exide Industries, added 2%. The metal index is brightly shining as Hindalco  gained nearly 3%, and Jindal Saw and NMDC added 1% each. Realty and Bankex up 0.6% each continue their good run.

Auto giant, Tata Motors up 3.5% is the top gainer on the Sensex followed by metal major Hindalco up 3% and ONGC adding 2%.

On the losers side are Relaince Communications down 1%, Relaince Infrastructure and Bharti Airtel losing 1% each.Mahindra & Mahindra, L&T and Sterlit are the other significent losers.

Market breadth remains extremely positive. 1844 stocks have advanced while 992 have declined.