Metal stocks shine as markets rally

Asian markets and stock specific action have buoyed the markets to fresh intraday highs. All the sectoral indices are in green.

The Sensex opened at 20,199 and surged to a high of 20,449 in late-morning trades. The index is now up 264 points at 20,430.

The Nifty has gained 77 points to 6,143.

BSE consumer durables index jumped 2% to 6,440. Metal and banking stocks are up with the indices gaining 1.5% each.

Hindalco has jumped over 3% to Rs 219. HDFC and Cipla have rallied 2.5% each to Rs 711 and Rs 354, respectively.

Sterlite, TCS, Bharti Airtel, ICICI Bank and Tata Steel are among the other big gainers today.

However, Wipro has been trading in red following its dissapointing Q2 results. The stock is down 2.5% at Rs 437.

BSE mid and small-cap indices have underperformed this morning. The indices are up 1% each at 8,503 and 10,834, respectively.

Mahindra & Mahindra Financial Services has gained 8.6% at Rs 711. Verdhman Textiles, IRB Infra, Blue Dart and KS Oils are among the other gainers.

BSE market breadth is positive. Out of 2,885 stocks traded, 1,951 have advanced while 844 have declined.