Sensex ends up 172 pts

Banking shares buoy index

The Sensex ends (provisional) at 18,783 - up 172 points. Nifty ends up 57 points at 5,717.
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(updated at 1437 hrs)

Markets traded on a firm note in late noon deals with the Sensex near the day's high of 18,789. The BSE benchmark index is up 167 points at 18,778. Nifty is up 51 points at 5,711.

The Asian markets are trading higher as a slew of Chinese data pointed to stabilisation in the world's second largest economy, and positive US housing data helped ease worries about a sharper slowdown in global growth. Nikkei jumped, driven by US markets and a fall in the yen. The Japanese stock exchange went up 103 points to 8910.

The rupee declined by 23 paise to 53.10 against the dollar in early trade today at the Interbank Foreign Exchange market on increased demand for the American currency from importers.

Broader markets gained in line with the benchmark. The BSE mid-cap index added 1% to 6,698 while small-cap index was up 0.8% at 7,189.

BSE realty index has gained 2% to 1,846 in afternoon trades. Bankex, auto, consumer durables and power are also in the green. Meanwhile, selling pressure can be seen in pharma shares, with the BSE healthcare index dropping 0.2% at 7,559.

Bharti Airtel has shed 1.5% to Rs 266. In a major setback to incumbent telecom operators Bharti Airtel, Vodafone, Idea Cellular, BSNL and MTNL, the Telecom Commission decided all spectrum given to operators in the 900-MHz band would be refarmed to the 1,800-MHz band at the time of renewal of licences, beginning 2014.

Tata Motors said it will launch six new products in the next one year. Launching a new version of its sports utility vehicle Safari Storme the company said that while its focus will be on the volumes segment, it will also continue to introduce new products in the fast growing SUV market. Tata Motors is up 2.3% at Rs 271.

Sun Pharma is the biggest loser - down 1.7% at Rs 700.Wipro and Gail slipped marginally. On the other hand, Tata Power led the gainers list - up 3% at Rs 106. Banking shares buoyed markets - with ICICI Bank and SBI accounting for a 40 points rally on the Sensex. Other gainers include - Reliance, Hindalco, TCS and Maruti Suzuki.

BSE market breadth is positive. Out of 2,870 stocks traded, 1,630 shares have advanced while 1,104 shares declined.