Markets extend gains; Sensex reclaims 29,000, Nifty above 8,950

BSE Smallcap mirrored the gains in the frontline indices, but BSE Midcap index was little changed.

Snapping two-session long losing spree, the benchmark indices continued to trade higher in the afternoon trade as a much better-than-expected December quarter GDP data lifted sentiment, while positive manufacturing data released today also boosted sentiment.

At 02:48 pm, the S&P BSE Sensex was trading at 29,009, up 266 points, while the broader Nifty was ruling at 8,954, up 75 points. 

In the broader market, the BSE Smallcap and BSE Midcap index gained 0.4% and 0.6%, respectively. 

The market breadth, indicating the overall health of the market, was strong. On BSE, 1,602 shares rose and 959 shares fell. A total of