Markets extend gains

The markets have built on their gains in the past one hour. The Sensex is now quoting at 16,463, higher by 300 points and the Nifty is at 4923, higher by 93 points.

The indices had opened firm on the back of firm US markets and the strength across Asia.

The BSE metal index have gained 3% at 16,447. Realty, consumer goods, oil & gas and bankex have added 1-2% each.

Sterlite has surged 5% to Rs 774. Tata Steel has gained 3% to Rs 591. Hindalco has added 2.5% to Rs 155.

HDFC has jumped 3% to Rs 2,491 following the introduction of a floating rate plan.

Larsen & Toubro and DLF have advanced 2.7% each to Rs 1,435 and Rs 335, respectively.

Jaiprakash Associates, Grasim Industries, ICICI Bank, NTPC and Tata Motors are the other top gainers in the index today.

Market heavyweight, Reliance, has moved up 2% to Rs 1,047.

IT companies are up. TCS has gained 2% while Infosys and Wipro are up 1.8% each.

The BSE market breadth is positive. Out of 2,578 stocks traded, 1,892 have advanced while 615 have declined.