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Markets continued to trade firm, amid firm Asian cues, led by index heavyweights Infosys Reliance Industries and ITC along with private banking majors.
At 9:30AM, the 30-share Sensex was up 146 points at 28,663 and the 50-share Nifty was up 50 points at 8,710.
"We continue to mention a strong resistance zone around 8700 - 8780 levels. In fact yesterday's daily candle resembles a 'Hanging Man' pattern. This pattern will get activated only below yesterday's low of 8585. The above mentioned scenario may apply brakes on the ongoing bounce. In the scenario, the immediate correction towards 8500 cannot be ruled out," Angel Broking said in a technical note.
Stocks in focus
All sectoral indices were in the green. BSE IT and Healthcare indices were the top gainers up 0.9% each followed by Consumer Durables, Metal and Auto indices.
Private banking majors HDFC Bank and ICICI Bank were up over 0.5% each. HDFC Bank also lowered its lending rate by 0.15% to 9.85% effective from April 13. SBI was up 0.3% after it announced a reduction in its lending rate by 15 basis points to 9.85% effective from 10th April. Axis Bank was up 0.8%.
Coal India was up over 2% after the coal ministry allowed the company to revert to the old system, removing the cap on e-auction volumes with effect from April 2015.
Reliance Industries extended gains and was up 1% while TCS, Tata Motors were up over 0.7% each.
In the broader market, the BSE Mid-cap index was up 0.6% and the Small-cap index was up 0.8%.
Market breadth was strong with 1,096 gainers and 299 losers on the BSE.
Global Markets
Asian markets extended gains with Japanese shares inching towards fresh 15-year highs on hopes of additional stimulus measures from major economies in the region such as China and Japan. Japan's benchmark Nikkei was up 0.4% while Shanghai Composite came off its early highs and was trading flat. However, Hong Kong markets resumed trading after the Easter holidays and the benchmark Hang Seng jumped 2% while Straits Times was trading flat with negative bias.
Major US stock indices ended flat on Tuesday erasing intra-day gains after the appreciation of the dollar raised concerns on the impact of earnings of US companies operating worldwide. Logistics majors were in focus after plans by FedEx to acquire Dutch-based firm TNT Express. Meanwhile, crude oil prices eased on the back of rising inventory levels. The Dow Jones ended down 5 points at 17,875.42, the broader S&P 500 ended down 4 points at 2,076.33 and the tech-laden Nasdaq slipped 7 points to close at 4,910.23.
