Sensex ends up 226pts

Sensex ended (provisinal) at 18,449 - up 226 points. nifty ended at 5,522 - up 59 points.
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(Updated at 1438 hrs)

Markets continued to trade firm as the seat sharing discussion between DMK and Congress continued. Easing oil prices also buoyed investor sentiments globally.

The Sensex was up 167 points at 18,390. Earlier in the day, the BSE benchmark index had touched a high of 18,456 on gains in the metal and consumer durables counter.

The Nifty also moved in the positive zone touching a high of 5,526 and was up around 1% at 5,512.

Dravida Munnetra Kazhagam (DMK)'s decision to put on hold the resignation of its six ministers from the UPA government seemed to comfort the markets. However, the seat sharing decision can give rise to more problems for the Congress.

Globally markets were up on easing worries of crude oil prices going up further as oil receeded from its highest in 29-months. Reports suggest that UAE and Nigeria may join Saudi Arabia in increasing output to make up for a drop-off in Libyan oil.

Asian markets ended in the positive zone. The Hang Seng jumped 1.7% to 23,711. Nikkei managed to advance 20 points to 10,525. Seoul COmposite added 0.8% to 1,996.

Bourses in USA had dropped on Monday as technology stocks showed weakness. The Dow dropped 80 points to 12,090. The S&P 500 fell 0.83%, to 1,310. The Nasdaq Composite lost 1.4% to 2,745.

In other news, the Insurance Regulatory and Development Authority (Irda) may allow insurers to trade in equity futures and options contracts which will help the companies protect returns from equity-linked products against sharp stock market declines.

On Monday, global rating agency, Moody's termed the Budget plan for fiscal 2012 as "credit positive" for the Indian government.

All the sectoral indices were in the green, barring the FMCG index. BSE IT index jumped 2%, followed by metal, bankex and realty.

ITC, among the Sensex stocks, slipped 0.5% to Rs 172 - dragging the FMCG stocks into red. Dabur India and Godrej Consumer Products also showed weakness.

Among Sensex stocks, Hero Honda and Maruti Suzuki slipped in trades. Hero Honda dropped 2.5% to Rs 1,491. Maruti Suzuki was down 1% at Rs 1,250.

Meanwhile, Bharti Airtel gained 2.6% at Rs 333. Infosys, Tata Motors, ONGC and Reliance Infra were also in green.