The Sensex is quoting at 19,312, stronger by 191 points and the Nifty is at 5,790, up 54 points.
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(Updated at 0933am)
Markets extended the rally for the seventh consecutive session in the opening trade following firm global cues. The Sensex advanced 182 points, at 19,198 and the Nifty gained 44 points, at 5,780.
According to EPFR Global, markets have rebounded as the situation in Japan’s nuclear plant was coming under control and the crisis in West Asia was not deteriorating which helped the global equity markets surge in the third week of March.
In India markets rallied on account of buying by Foreign Institutional Investors (FIIs) and Mutual Funds. FIIs are net buyers of Rs 4352 crore in the Indian equities in March. Additionally Mutual Funds have been net buyers Rs 4147 crore in the equity segment since January. Alex Mathews, Research Head from Geojit BNP Paribas Financial Services said, "Mutual Funds have been buying because of year end. Many investors want tax reduction so they have started investing in tax saving schemes."
Market sources expect positive momentum to continue if Nifty holds above 6590. Alex added, "even though the macro-economic fundamentals are still weak, market scenario has changed. We are trading above 200-Day Moving Average (5688), for the Nifty, 5690 remains a crucial level to watch out for."
Across Asia, markets were trading mostly higher on Wednesday morning following firm overnight cues from Wall Street. US Markets ended higher buoyed by rally in telecom and energy stocks. Japan's Nikkei Stock Average advanced 116 points, lifted by weakening Yen. Hong Kong's Hang Seng climbed 272 points, spurred by strong earnings. South Korea's Kospi Composite was up 14 points, but Shanghai Composite bucked trend, fell 11 points.
Back in India BSE Realty shares were leading the gains, the index was up 1.7%, followed by Consumer Durables, up 1.6%. Prominent gainers from the realty pack were DB Realty, up 16% after reports that firm said it supports the arrest of officials by CBI (Central Bureau of Investigation), Orbit Corporation added 2.1% and DLF surged 1.9%.
From the Consumer Durables pack Gitanjali Gems was up 4.4%, Whirlpool advanced 2.1% and Titan Industries gained 1.8%.
Broader markets were trading firm, the midcap index gained 1% and the smallcap index climbed 1.3%.
Top gainers on the Sensex were DLF, up 1.9%, followed by Sterlite Industries, up 1.7% and Reliance Communication,
up 1.5%. Only one component on the Sensex was trading in the red, Bharti Airtel fell 0.2%.
In the broader markets, 1380 stocks advanced for 369 stocks which declined.