Markets gain in opening trades

Markets edge marginally higher on back of modest gains seen across Asian markets lifted by commodity shares. The Sensex opened at 18,292 - up 86 points. The BSE benchmark surged thereafter to a high of 18,374 and was trading at 18,351 - up 145 points. The Nifty was up 39 points at 5,520.

"The trend deciding level for the day is 18,125/5,456 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18,300–18,393/5,509-5,539 levels," says Angel Broking.

Japan's Nikkei Stock Average was flat at 9,341, technology and auto shares weighed on concerns of parts shortage and production halt in the aftermath of Tsunami which hit Japan on March 11.

Hong Kong's Heng Seng was up 0.7%, at 22,991 supported by rally in metal and energy producers following spike in global commodity prices. Shanghai Composite was up 0.1%, at 2,952 buoyed by positive economic data. Manufacturing activity surged to two month high as the manufacturing purchasing managers' index rose to 52.5 from a 51.7 in January.

Meanwhile, on Wednesday, markets in US jumped in late trades, shrugging off a dissapointing housing report.. The Dow jumped 67 points to 12,086. Nasdaq and S&P 500 advanced 0.5% each.

Back in India, technical charts indicate a break out on the upside after Nifty closed above 5,480 on Wednesday. Edelweiss in the morning note said, "the immediate near-term outlook has turned positive after yesterday’s move as the index is expected to rally up to the 50-DEMA (Daily Exponential Moving Average) to 5540 which has proved to be a real test. A daily close above 5540 will result in Nifty stretching its legs up to the 200-DMA (Day Moving Average) at 5690.

All the sectoral indices were in green today with BSE realty index leading the charts. The index was up 1.7% at 2,155, followed by metal, bankex and capital goods.

Lovable Lingerie saw a strong listing of Rs 260 - up 25% from its issue price.

Hindalco was the biggest gainer Sensex stocks, and jumped 3% at Rs 202. Sterlite added 2% to Rs 169. Heavyweight, ICICI Bank gained 2% at Rs 1,034.'

BHEL, Tata Motors, Jaiprakash Associates, Mahindra & Mahindra, DLF, Larsen & Toubro and Hero Honda advanced over 1% each. Among other gainers were TCS, Tata Steel, Wipro, HDFC Bank, SBI, Reliance and NTPC.

Kamath Hotels surged 9% in morning trades after Wednesday's 20% upmove. The company board will be meeting on Saturday to discuss the merger of certain hotels and restaurants.