Gains intact; Sensex up 244pts

Markets have extended gains on buying in select heavyweights. The Sensex moved to a high of 18,419 - up over 250 points from the previous close. The index was up 244 points at 18,412. Nifty was up 81 points at 5,530.

Meanwhile, markets in Asia recovered from Tuesday's lows. Nikkei gained for the first time after Friday's earthquake. The index was up 5%.

ICICI Bank and Larsen & Toubro have contributed around 60 points to the Sensex's upmove. While ICICI Bank jumped 3% to Rs 1,025, Larsen & Toubro added 2% to Rs 1,554.

Reliance Infrastructure soared ove 6% to Rs 652. Reliance Communications added 3% to Rs 104. Bharti Airtel advanced 2.3% to Rs 322.

DLF, TCS, M&M and SBI moved up 2.5% each. Other gainers included Tata Motors, Sterlite, NTPC, Tata Steel and Jaiprakash Associates. Meanwhile, HUL was down 1% at Rs 272. Hero Honda and Hindalco slipped marginally in trades.

BSE market breadth continued to be positive. Out of 2,810 stocks traded, 1,855 advanced while 858 declined.
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(Updated at 1227 hrs)

Markets continue to trade firm this afternoon on cues from global peers. The Sensex after touching a high of 18,419 in early trades have been moving sideways. The index was up 223 points at 18,391.

BSE mid and small-cap indices outperformed the broader indices. Mid-cap index was up 1.5% at 6,567. Small-cap index jumped 1.6% to 7,920. Meanwhile, Nifty was up 71 points at 5,520.

Expectations of strong Q4 advance tax payments by big companies, boosted investor sentiments. Some of the numbers have already poured to show a growth in tax payments.

Crude prices fell to its lowest in three-weeks as turmoil in Japan offset the Middle East political crisis. Brent crude was trading at $108.77 pr barrel.

All the sectoral indices were in the positive zone. BSE consumer durables surged 2.5% to 5,886. Realty, bankex and PSU indices were up around 2% each.

Parsvnath Developers was the biggest gainer among realty stocks and jumped 6.7% to Rs 36. Unitech and DLF surged 2.7% each to Rs 38 and Rs 227, respectively. Among other gainers were Indiabulls Real Estate, D B Realty and HDIL.

Banking stocks were up ahead of RBI's mid-quarter policy reveiw. Canara Bank jumped 3.6% to Rs 632. Yes Bank and Axis Bank gained 3% each. SBI and ICICI Bank - among Sensex stocks - rallied 2.2% each to Rs 2,622 and Rs 1,019, respectively. HDFC Bank was up 0.7% at Rs 2,201. Among other stocks i the sector, Union Bank, Federal Bank, IDBI Bank and Kotak Mahindra Bank were up 2% each.

Tyre shares jumped following a decline in natural rubber prices which got hit by Japan's earthquake. Apollo Tyres added 0.8% to Rs 70. falcon tyres advanced 1% to Rs 93. Konkan Tyres surged 3.6% to Rs 5.07.

In the Sensex, Reliance Infra surged 5% to Rs 645. Reliance Communications advanced 4% to Rs 105. Sterlite, Tata Motors, Jaiprakash Associates, Mahinsra & Mahindra and NTPC were the big gainers - up 2% each.

However, Hindustan Unilever dropped 0.7% to Rs 272 after the tax paid by the FMCG major declined.