Markets are near the day’s high in afternoon trades on the back of gains in banking and metal shares. BSE Sensex is up 447 points at 18,796 – after touching a high of 18,866 earlier in the day. The Nifty is up 137 points at 5,691.

Meanwhile in Asia, Hang Seng has added 140 points while Nikkei is up 23 points at 9,110. Markets rebounded from yesterday’s fall as investors took comfort from steadiness in U.S. stocks, shrugging off fears over soft manufacturing data from China, Europe and the United States.

Broader markets have underperformed the benchmark indices. BSE mid-cap index is up 1.5% at 6,427. Small-cap index is up 1.4% at 6,804.

BSE bankex has gained 4% at 13,021. POwer, capital goods, metal and PSU indices are up as well.

All the Sensex-30 stocks are trading in the positive zone today. Financials are leading the rally with ICICI Bank and HDFC accounting for 104 points in the index’s upmove. BHEL has jumped 5% to Rs 229. SBI, Mahindra & Mahindra and Tata Power are up 4% each. Among other key gainers are Bharti IArtel, Tata Steel, Larsen & Toubro and ITC.

Aviation shares continued their good run following the government’s decision to allow FDI in domestic airlines. Jet Airways is up 1.3%, Spice Jet has jumped 2.5% while Kingfisher has soared 4.3% respectively.

The decision to allow 51% foreign direct investment has also impacted multi-brand retail shares. Pantaloons Retail has soared 6.5%, followed by Reisix, Trent and Shoppers Stop.

BSE market breadth is positive. out of 2,729 shares traded, 1,729 shares have advanced while 888 shares have declined in trades.

Source: Business Standard

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