Markets extend gains, Sensex up 450pts

The markets have extended gains in the noon deals. The Sensex has now moved up to 16,300, up 452 points and the S&P CNX Nifty has rallied 132 points at 4,880.

According to Hormoz Maloo, Technical Analyst from Geojit BNP Paribas, "In the short term the markets seem oversold, so we could see a small technical bounceback upto around 5000 levels."

Most of the Sensex stocks were trading higher. Jindal Steel was the top gainer, up 6.3% to Rs 491. TCS too surged 6% to Rs 1,006. Wipro, Infosys, Hindalco, Tata Steel, ICICI Bank, HDFC Bank, Mahindra & Mahindra, Realiance Industries and HDFC also gained over 3% each. On the other hand, ONGC and Maruti Suzuki were among the couple of losers.

Buying was visible across the board. The BSE IT index continued to remain the top sectoral gainer, up 4.3%. The sector gained on hopes of recovery in the US economy. Bankex, Metal and Realty indices also advanced over 3% each. Consumer Durables, Auto, Oil & Gas and Capital Goods also advanced 2-3% each in trades thus far.

Kotak Mahindra Bank was the top gainer among the Banking stocks, up nearly 6% to Rs 438. Yes Bank, Indusind Bank, Bank of Baroda, Federal Bank, Canara Bank and ICICI Bank also added 3.5-4.5% each. Among the metal stocks, Jindal Steel, JSW Steel, Hindalco, Bhushan Steel and Tata Steel were among the top gainers.

The broader markets were also trading higher. The BSE mid-cap index advanced 2% or 120 points to 6,154 and the small-cap index gained 1.6% or 115 points at 7,026.

The overall breadth was extremely positive as 1,963 stocks advanced while 643 stocks declined on the BSE.