Markets gain smartly in noon trades

Markets have gained smartly in noon trades on the back of banking stocks.

The Nifty hit its highest in over a month at 6,143. The index is now up 0.5% at 6,137.

Upbeat US data on the jobs market and manufacturing sector on Thursday buttressed the view the economy gained momentum as the year ended, setting the stage for a stronger performance in 2011. US markets ended in the green. Asian indices too are trading in the positive zone.

The Shanghai Composite has jumped 1.5% to 2,803. Taiwan Weighted has gained 0.7% at 8,973. The Nikkei is closed today.

BSE bankex is up 1.2% at 13,354. Consumer durables and auto indice shave also added 1% each.

Among Banking stocks, HDFC Bank has jumped 2.5% to Rs 2,362. Union Bank of India, KOtak Mahindra Bank, IDBI and Oriental Bank of Commerce are all up over 2% each.

Metal stocks have risen as prices in the London Metal Exchange have gone up.

Reliance Communications has surged 4% to Rs 144. Jaiprakash Associates, Bajaj Auto, Reliance Power, IDFC, Reliance Capital are in green.

However, IT stocks are down on profit booking. HCL Tech has dropped 0.8% to Rs 456. Sterlite and Infosys habe shed 0.6% each, followed by Dr Reddy's. NTPC, Bharti AIrtel and Ranbaxy.