Markets extend gains in noon trades

Markets extended gains in noon trades on a recovery in realty stocks. The BSE benchmark crossed the 19K mark in opening trades and held firm on the back of strong cues from Asian indices. The Sensex touched its highest in two months at 19,122 and was up 152 points at 19,094. The Nifty was up 57 points at 5,743.

Asian markets continued to trade higher. Seoul Composite added 0.7% at 2,072. Taiwan Weighted added 0.5% to 8,596. Global markets cheered as oil eased a bit after rebels in Libya advanced against Gaddafi's troops.

BSE realty index recovered 3% from the early lows of the day and was the biggest gainer among the indices. The rally was led by DLF. DB Realty surged 19% to Rs 99 to recover from all time low which it had touched on Monday. Sunteck realty, Unitech, Orbit Corporation, Sobha Developers and Ackruti City were up 1-4% each.

Auto stocks gained ahead of the March sales numbers. BSE auto index was up 0.9% at 9,060.

Two wheeler stocks shone in today's market. Hero Honda jumped 3% to Rs 1,546. Bajaj Auto gained 1% to Rs 1,415. Among other stocks, Scooters India surged 5% to Rs 37.80. Maharashtra Scooters rallied 2.7% to Rs 339.

Telecom companies gained on hopes of intervention by the Prime Minister for new loans to the sector. Reliance Communications gained 4.5% at Rs 110. Bharti Airtel added 2.5% to Rs 356. Idea Cellular gained 3%.

Tata Power, TCS. Reliance Infra and Larsen & Toubro jumped around 2% each. Other gainers included ONGC, SBI, HDFC, NTPC and Hindalco.

"Over the last six months, we have increased allocation to information technology (IT) because it benefits from export oriented global pickup. Pharma sector will benefit both from the domestic demand and the number of drugs going off patent in the US," said Punita Kumar-Sinha, Senior Managing Director, Blackstone Asia Advisors.

However, Tata Steel slipped 0.5% to Rs 611. ITC, Jaiprkash Associates and BHEL also showed some softness.

BSE market breadth was neutral with 1,327 stocks declining and 1,273 advancing out of a total of 2,722 stocks traded so far.