Markets surge in opening trades

Markets have opened in the green this morning on cues from global markets.

The Sensex opened at 16,866 - up 124 points. The index, thereafter, soared to a high of 16,989 and is now up 238 points at 16,979.

The Nifty is up 74 points at 5,094.

US markets surged on Wednesday as a strong home sales data came out. The Dow Jones industrial average closed up 226 points (2%) at 10,250. The Standard & Poor's 500 Index rose 28 points (2.5%) at 1,098.38.

The Asian markets have also opened more than a per cent in the green, tracking the overnight gains on Wall Street. Hang Seng is quoting at 19,795, stronger by 323 points or 1.6% and Nikkei is at 9,855, higher by 252 points or 2.6%.

BSE realty index is the definite mover this morning. Index has jumped 2% in opening trades to 3,107. Metal index is not behind at 14,918. Auto, oil and PSU stocks are up as well.

Tata Motors has surged 2.6% to Rs 764. Mahindra & Mahindra has jumped 1.7% to Rs 584. Maruti and Hero Honda have added 1.2% each.

Sterlite has gained 2.5% to Rs 651. Hindalco has jumped 2% to Rs 146. Tata Steel has added 1.6% to Rs 492. Jindal Steel is up 1.2% at Rs 635.

ONGC has added 2.3% to Rs 1,210. Reliance Communications, after yesterday's stellar performance is up 2% at Rs 158.

DLF, Jaiprakash Associates and Reliance Infrastructure are up above 1.5% each.

Other big gainers include power stocks- Tata Power, NTPC and banking stocks -ICICI Bank and HDFC Bank. Reliance has advanced 1.4% at Rs 1026.