Markets consolidate ; metals shine

Breaking the range bound movement, the Sensex has moved upwards to touch a new intra day high of 18,132, up 105 points from the day's opening. This sudden surge is due to the metal and teck indices extending its gains. Howevre, there was not much improvement in the broader markets. The smallcap and the midcap index remained stable at 1.3% while the benchmark index improved and moved up 0.8%.

On the global front, the Asian markets is in the green. Hang Seng is up 0.4% at 20,623 and the Nikkei has moved up 1.1% at 8,927. In the European markets, DAX has slipped into the red and is down 0.3% at 5,906 while CAC and FTSE are up 0.1% and 0.4% respectively.

All the sectoral indices on the BSE are in the green.Metal continues to shine and lead the chart up nearly 2%  followed by Teck, PSU and IT. Auto has slipped furthur to a low of 0.3% along with Capital Goods at the bottom of the charts.In the Teck space, the movers are Dish TV India up nearly 6% followed by Shree Ashtavina which added 5%, TV Eighteen and Reliance Communications up nearly 4% each.

Among the Sensex-30 stocks, Reliance Communicationsleads at 4%, followed by Hindalco, Bharti Airtel, Tata Steel and Sterlite gaining nearly 3% are the top gainers.

On the losers side, Hero Honda down nearly 2% continues to lead. HDFC, Jaiprakash Associates, ONGC  and Reliance Infrastructure are the other significant losers.

The market breadth remains firmly in the positive. 2114 stocks have advanced while  796 have declined.