Markets firm in late-noon trades

Markets continue to trade firm, albeit off the highs of the day. The Sensex is now at 17,040 - down just 23 points from the day's high. Earlier in the day, the Sensex had soared past the 17K mark to a high of 17,064, brushing off a slightly dampening inflation data.

The Nifty is up 96 points at 5,116.

Reliance has contributed most to the Sensex's rally today. The stock is up 2% at Rs 1,033. Infosys and Larsen & Toubro have also contributed over 50 points.

Reliance Communications has jumped 6% to Rs 164. Mid-cap communication stock- Idea Cellular has soared 7.6% to Rs 58.

Metal stocks- Sterlite and Hindalco have gained 3% each at Rs 654 and Rs 147, respectively.

Auto stocks continue to shine. Tata Motors has added 3% to Rs 767. Hero Honda and Maruti Suzuki have added 2% each to Rs 2,022 and Rs 1,303, respectively.

Hindustan Unilever has added 2.8% to Rs 244. ONGC, Jaiprakash Associates, ACC, HDFC Bank and Wipro are other big gainers.

In the oil space, Gail India has jumped 2% to Rs 463. Cairn India has added 1.5% to Rs 294. Essar Oil and BPCL are also up.