Markets continue to trade firm

Markets continued to trade firm in afternoon trades. The Sensex is up 372 points at 16,067. Nifty is up 109 points at 4,819.

Asian markets were up 2% each.  Markets in Europe have also opened on a strong note. CAC s up 1.2% while FTSE has gained 0.7%.

Metal shares continued to shine with the BSE metal index gaining 4% to 10,265. Realty and oil & gas shares were up 2.6% each.

Market heavyweight, Reliance, was the top contributor to the markets upmove. Bajaj Auto was the sole loser among Sensex stocks.
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(Updated at 1138 hrs)

The markets continued to trade strong in late-morning trades with the BSE Sensex at 16,025, up 330 points and the Nifty at 4,806, up 96 points. Earlier in the day, the BSE benchmark index touched the day's high at 16,044 and the day's low at 15,888.

Among the sectoral indices, BSE Metal, Realty, Bankex and FMCG indices up 2-3% each, are the leading the gains. JSW Steel, Hindalco Industries, Sesa Goa and Sterlite Industries, up 4-6% each, are the prominent gainers from the Metals space.

SBI, ICICI Bank, IDBI Bank and Federal Bank, up 2-3% each, are the major gainers among the financials.

On the Sensex, Hindalco Industries, Sterlite Industries, Tata Motors, Jindal Steel and SBI, up 3-5% each, are the prominent gainers.

Bajaj Auto has shed 2% at Rs 1,614 is the major loser from the pack.

Among individual stocks, Lanco Infratech has surged nearly 4% after the news that it is close to deal on hiking coal prices at Australia mine. According to reports, Lanco Infratech-owned Griffin Coal's threat to halt coal supply to the Bluewaters Power Station in Western Australia unless prices are revised upward seems to have worked, with sources close to the development indicating an agreement might be inked within a fortnight.

Retail stocks are under pressure on the bourses due to strong protest from the opposition parties on Foreign Direct Investment (FDI) in the sector. A combined Opposition - BJP, JD(U), AIADMK, BSP and Trinamool Congress will seek to corner the UPA government in Parliament on today on its decision to allow FDI in retail, a report suggests.

Dish TV has spurted by 3% after the news that the Finance Ministry cleared the company's proposal to raise foreign equity to Rs 980 cr. The Finance Ministry's decisions were based on the recommendations of the Foreign Investment Promotion Board in its meeting held on November 2011.

Gail India has gained a percent this morning on reports that the company is going to replace Jaiprakash Associates on the BSE Sensex from January 9, 2012. Average Free-Float Market Capitalisation for three months ended, October 2011 for Gail India was Rs 21,583 crore. Gail India is up 1.3% at Rs 389. The stock touched a high of Rs 394 warlier this morning - recovering 6% from its 52 week low of Rs 367 which it touched on November 22. Around, 6,159 shares have been traded on the BSE as against a two-week average of 1,04,030 shares.

The overall market breadth is positive as 1,550 stocks have advanced against 1,218 declining ones, on the BSE.