Markets witness firm trades

The markets are witnessing firm trades in the morning session with the BSE Sensex at 17,603, up 125 points and the Nifty at 5,357, up 39 points.

The markets are likely to trade range-bound today with a positive bias despite mixed global cues. Asian shares rose on Tuesday, riding on the back of strong gains in global equities overnight after solid manufacturing data from the US and leading Asian exporters offset signs of mild recession in Europe.

The stronger-than-expected factory data pushed US stocks to four-year highs, while European shares recorded their biggest daily gain in three weeks despite sluggish factory activity in the euro zone.

In Asia, Japan's Nikkei share average edged lower early as the yen climbed to a three-week high against the dollar, prompting investors to bank profits from the blue-chip exporters that have logged meteoric gains since January. The index is at 10,068, down 0.41%. The Shanghai Composite and Hang Seng indices have gained 0.5% each.

On the sectoral front, BSE Metal, Bankex and IT indices are leading the gains in an extremely positive environment.

Sesa Goa, Coal India, Hindalco Industries and Sterlite Industries, up 2% each, are the prominent gainers from the Metals' space.

Federal Bank, ICICI Bank, Canara Bank and SBI, up 1-2% each, are the notable gainers from among the financials.

Hindalco Industries has moved up 1.6% at Rs 193 and is the top gainers on the Sensex. Other prominent gainers include DLF, ICICI Bank, Sterlite Industries and Tata Power, up 1-2% each. Hero MotoCorp, down 1%, is the only loser from the pack.    

Among individual stocks, Titan Industries is trading higher by 3% at Rs 251 after the company said it has commenced commercial production in its new integrated state of art jewellery unit set up in the excise free zone in Pantnagar, Uttarakand, UP, on March 29, 2012.

The broader markets, too, are witnessing firm trades with the BSE Mid-cap and Small-cap indices having advanced nearly 1% each.

The overall market breadth is remarkably positive as 828 stocks have advanced against 187 declining ones, on the BSE.