Markets head higher

The Sensex continues to soar higher with every passing hour, set off a new intra-day high of 18,261, due to favourable European markets. The Sensex is quoting at 18232, higher by 88 points and the Nifty is at 5467, up 28 points. And while the bechmark index is up 0.5%, the smallcap and midcap indices have gained 1.4% and 1% respectively.

Meanwhile, the FTSE & CAC have added 1.6% each, while the DAX has advanced 1.3% in early trades.

Among the sectoral indices, the realty index and consumer durables have shot up 3% and 2% each, while metals and Bankex have advanced 1% each. However, the IT and oil indices are trading flat.

Among the BSE-50 scrips, DLF has jumped 3.2% to Rs 317 and is trading near the week's high. ICICI Bank and Reliance Communications have added nearly 2.5% each and Tata Motors has added 2% to Rs 913. Jindal Steel, ACC, Bharti Airtel and Hero Honda have also advanced over 1% each. Among other gainers are Hindalco, Tata Steel, HDFC, SBI and NTPC.

On the other hand, HDFC Bank has slipped 1% to Rs 2,078, while Mahindra & Mahindra and Cipla are down marginally at Rs 646 and Rs 321 respectively. IT stocks, Infosys and Wipro, and market heavyweight, Reliance Industries are also trading in the red.

The BSE market breadth continues to be positive. Out of 3,004 stocks traded, 1,978 have advanced while 946 have declined.