Markets gain on global cues

Markets opened higher on the back of cues from US and Asian peers. The Sensex after opening at 18,481 touched a high of 18,547. However, the index pared gains and was trading at 18,497 - up 146 points. Nifty was up 41 points at 5,562.

"The trend deciding level for the day is 18,331/5,516 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18,393–18,436/5,536-5,549 levels. However, if Nifty trades below 18,331/5,516 levels for the first half-an-hour of trade then it may correct up to 18,289–18,227/5,503-5,483 levels," says Angel Broking.

US markets rose on hopes of a good performance by corporates in the present quarter. The Dow gained 85 points to 12,171. The S&P jumped 12 points to 1,309. Nasdaq was up 1.5% at 2,736. Analysts expect earnings estimate to help overcome the worries of West Asia crisis.

Asian markets also moved up. Nikkei, after two consecutive days of ending in the red, gained 1% in morning trades to 9,529. Hang Seng jumped 0.8% to 23,107.

Outsource shares and improved investor sentiment after crude prices edged lower, pushed markets higher on Thursday. Sensex gained 145 points at 18,351. Nifty added 42 points at 5,522.

All the sectoral indices were in green with IT shares leading the rally. BSE IT index jumped 1.8% to 6,214.

Financial Technologies surged 4.5% to Rs 804. Heavyweight, Infosys was up 2.2% at Rs 3,071. HCL Tech added 1.7% to Rs 468. TCS jumped 1.5% to Rs 1,109 after sealing a contract with Shanghai Rural Commercial Bank. Wipro advanced 1.2%, followed by Oracle Financial Services, Core Projects and MphasiS.

BSE capital goods, FMCG, bankex and realty were up around 1% each.

ICICI Bank was one of the bigger losers in the Sensex - up 1.3% at Rs 1,067. DLF and Larsen & Toubro added 1.2% each to Rs 237 and Rs 1,567, respectively.

"ICICI Bank, Voltas, Ambuja Cements, REC and Jaiprakash Associates have bullish setups," says Edelweiss Alternative Research.

Mahindra & Mahindra, Hindustan Unilever, ITC and BHEL were up 1% each. Among other gainers were Tata Motors, HDFC Bank, ONGC and Hindalco.

However, Maruti Suzuki dropped marginally in trades and was trading at Rs 1,165.