Markets continue strong trades

Markets are trading strong this morning, on the back of positive cues from Asian markets and good IIP numbers.

The Sensex crossed the 19K mark this morning - touching its highest since January 2008. The BSE benchmark index opened at 18,845 and soared to a high of 19,096. The index is now up 268 points at 19,068.

Nifty has gained 77 points at 5,717.

Indian industry began the second quarter on a strong footing, clocking 13.8% growth in July. The growth rate — the highest in two months — exceeded market expectations of moderation to 7.8%. It was driven by a strong showing by the manufacturing sector, particularly the capital goods segment.

Banking stocks have pushed the index higher in morning trades as investors heaved a sigh of relief on less stringent capital norms. BSE bankex has jumped 3% to 13,373.

Asian markets are trading strong this morning. The Hang Seng and Taiwan Weighted have rallied 2% each to 21,656 and 8,043, respectively. Nikkei has added 1.5% to 9,377.

OIl & gas and PSU indices are up around 1.4% each at 10,323 and 10,180, respectively.

SBI is the top gainer among Sensex stocks - jumping 4.5% to Rs 3,115. ICICI Bank has surged 4% to Rs 1,091. HDFC Bank has gained 1.2% at Rs 2,268.

HDFC and Reliance Infrastructure have added 2.5% each to Rs 647 and Rs 1,035, respectively.

Market heavyweight, Reliance, has advanced 2% to RS 975.

ACC, ONGC, Tata Power and Hindalco are some of the other prominent gainers.

However, Reliance Communications and Wipro are trading marginally in red.

BSE market breadth is positive. Out of 2,714 stocks traded, 1,934 have advanced while 699 have declined.