Markets extend gains

The Sensex is now at 16,665, up 236 points. The NSE Nifty is at 4,987, up 65 points.
______________________________________________

(Updated at 1018hrs)

The markets have been trading in a steady fashion in the past one hour. The Sensex is quoting at 16630, higher by 200 points and the Nifty is at 4,980, up 57 points. Auto are the leading sectoral gainers on the BSE, followed by the metal and banking counters.

The auto stocks have build on their momentum post the budget. It may be recollected that the finance minister had increased the excise duties by 2 percentage points, which was in line with the market expectations. Tata Motors has strengthened by 8.4% at Rs 770 to be the top gainer on the Sensex. And M&M has added 4.8% at Rs 1055. In the metals space, Tata Steel has strengthened by 3.6% at Rs 594, Hindalco has added 3% at Rs 166 and Sterlite is up 3% at Rs 804.

Index heavyweight, Reliance has added 0.7% at Rs 985.

The top losers among the Sensex stocks are DLF (weaker by 1.5% at Rs 292), Hindustan Unilever (lower by 1% at Rs 233) and Tata Power (down 1% at Rs 1200).

The market breadth is strong. Out of 2330 stocks traded on the BSE, there are 1677 advancing stocs as against 588 declines.