Markets extend gains

Markets have extended gains after a strong opening. Buying is visble across the board with rate sensitive stocks leading the rally. The Sensex has advanced 257 points to 16,274 and the 50-share Nifty has jumped 80 points to 4,942 levels.
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(Updated at 9.20 AM)

Markets have opened on a strong note in trades today tracking positive global cues. The Sensex has opened higher by 155 points at 16,182 and the 50-share Nifty is up 47 points at 4,910 levels.

According to technical analysts the Nifty has support at 4,800 while on the upside resistance is at 4,904 levels.

Overnight, the US stocks ended higher as data showing the vast US services sector improved in May outweighed investor angst about the euro zone's fiscal crisis.

The Dow Jones industrial average was up 26 points, or 0.22%, at 12,128. S&P 500 index was up 7 points at 1,285 and The Nasdaq Composite advanced 18 points, or 0.66%, at 2,778.

Markets open on a strong note buoyed by global cues

Markets have opened on a strong note in trades today tracking positive global cues. The Sensex has opened higher by 155 points at 16,182 and the 50-share Nifty is up 47 points at 4,910 levels.

According to technical analysts the Nifty has support at 4,800 while on the upside resistance is at 4,904 levels.

Overnight, the US stocks ended higher as data showing the vast US services sector improved in May outweighed investor angst about the euro zone's fiscal crisis.

The Dow Jones industrial average was up 26 points, or 0.22%, at 12,128. S&P 500 index was up 7 points at 1,285 and The Nasdaq Composite advanced 18 points, or 0.66%, at 2,778.

Asian shares nudged up on Wednesday but were capped by concerns that Europe's financial strains could intensify without a global response, as Spain warned that it was being shut out of credit markets.

Hang Seng was up 206 points at 18,465, Nikkei jumped 140 points to 8,523 and Taiwan Weighted was also up 66 points at 7,066.

Back home, buying is visible across the board. All the Sensex stocks have opened higher. Tata Steel, Tata Motors, BHEL, State Bank of India, ITC, Bharti Airtel, DLF, Hero MotoCorp, HDFC Bank, Sterlite Industries, ICICI Bank, Wipro, Hindalco and Mahindra & Mahindra are among the gainers on the Sensex up 1.2-2% each.

On the sectoral front, Realty index is the top gainer, up nearly 2% or 27 points at 1,579. Banking stocks continue to witness the buying interest. BSE bankex has opened higher 1.4% at 11,041 levels. Power, FMCG, metal, auto, capital goods, IT and PSU indices have also opened higher by 1-1.3% each.

The broader markets are in-line with the benchmark indices. The BSE mid-cap index is up 0.8% at 5,874 and the small-cap index is up 0.6% at 6,220.

The overall breadth is positive as 836 stocks are advancing while 269 are declining.