Markets open on a strong note

Markets have opened higher on back of strong global cues. The Sensex has advanced 454 points to 16,247 and the Nifty surged 140 points to 4,892. The markets across the globe advanced after the European Central Bank announced a series of policy measures aimed at raising liquidity in European banks, easing concerns that an escalating debt crisis could trigger the collapse of European banks.

The Asian markets were trading on a firm note. The Hang Seng jumped 581 points to 17,752, Nikkei advanced 118 points to 8,640, Taiwan advanced 116 points to 7,247. Meanwhile, Shanghai Composite was the only loser, down 6 points to 2,359.

Overnight, US stocks rallied for a third straight day on Thursday, as investors turned optimistic, following the European Central Bank's latest policy measures aimed at boosting liquidity in the European banking system. The Dow Jones industrial average jumped 183 points, or 1.7%, at 11,123, the S&P 500 added 21 points, or 1.8%, at 1,165, and the tech-heavy Nasdaq composite rose 46 points, or 1.9%, at 2,507.

Back home, all the Sensex stocks were trading higher. Metal, banking and IT stocks were among the star performers. Sterlite Industries was the top gainer. The stock surged 8% to Rs 113. ICICI Bank advanced 6% to Rs 824. Jindal Steel, Hindalco, Tata Motors, DLF, Infosys, Tata Steel, J P Associates, HDFC Bank and Wipro also climbed 3.6%-5% each in the opening deals.

On the sectoral front, BSE Metal index was the top gainer, up 4.4% or 457 points to 10,809. Bankex advanced 4.3% or 427 points to 10,389 and The IT index was up 3.6% to 5,339. Realty, Consumer Durables, Auto, Capital Goods, Power Oil & Gas, Healthcare and FMCG indices also gained 1.2%-3% each.

Seasa Goa, SAIL, Coal India, Hindustan Zinc NCDC, JSW Steel, Bhushan Steel and NALCO were the prominent gainers among the metal stocks. From the banking space, Axis Bank was the top gainer, up 6.4% tio Rs 1,013. Indusind Bank, Yes Bank, Kotak Mahindra Bank, IDBI Bank, HDFC Bank and Federal Bank also jumped -6% each in the opening deals.

The broader markets were also trading on a positive note. The BSE mid-cap index jumped 132 points to 6,010 and the small-cap index advanced 144 points to 6,788.

The overall breadth was extremely positive as 1,491 stocks were advancing while a mere 291 stocks were declining.