Markets continued to gain smartly in mid-noon trades as positive cues from global bourses and strong macro economic data boosted investor sentiments. The Sensex after touching a high of 19,681, is now up around 209 points at 19,629.
The Nifty was up 58 points at 5,884. Earlier in the day it touched a high of 5,902.
European markets opened on a quiet note. DAX was up eight points at 7,187. FTSE traded flat at 6,013. CAC was unchanged at 4,053.
Cement stocks were up after posting strong sales numbers. ACC jumped 1.6% to Rs 1,109. Ambuja Cements gained 1% to Rs 148.
Auto stocks were up on good sales numbers. Metal stocks gained on hopes of an increase in demand as Japan's redevelopment plans take off.
OMCs gained on higher crude oil prices, which is expected to increase under-recoveries of state-run oil marketing companies on domestic sale of diesel, LPG and kerosene at controlled prices.
However, Reliance Communications, Unitech and DB Realty dropped in trades after CBI filed a chargesheet against top management from the companies with respect to the 2G scam.
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(Updated at 1220 hrs)
After touching a low of 19,449, the Sensex bounced back and is currently trading at 19,621 gaining 200 points while the Nifty has added 56 points at 5,882. The broader markets continue to strengthen with the smallcap index up 2% and the BSE midcap added 1.5% continuing to outperform the Sensex, up 0.9%
Among the sectoral indices, Oil & Gas and Power have moved into the positive with IT and Bankex leading the rally.Consumer Durables, PSU, Capital Goods and Auto indices added their morning gains.
Jaiprakash Associates jumped 3% to Rs 98 after cement shipments rose 22% to 1.56 million tonnes in March 2011 over March 2010.
Auto stocks rose on strong slaes growth. Mahindra & Mahindra jumped 2.2% to Rs 726. Hero Honda added 2% to Rs 1,637.
Banking and IT stocks moved up smartly. HDFC Bank gained 2% at Rs 2,33. ICICI Bank added 2% to Rs 1,124. SBI was up 1% to Rs 2,749.
Infosys, Wipro and TCS among IT stocks were up around 1.5% each.
Meanwhile, Reliance Communications dropped 2% to Rs 109 after CBI filed a charge sheet against nine accused persons and three private companies in 2G spectrum scam. Hindustan Unilever and Cipla down 1-2% each were the other major losers.
