Markets off day's high

The Sensex is now quoting at 16415, higher by 158 points, and the Nifty is at 4912, up 57 points.

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(Updated at 1203pm)

The markets are trading firm, mirroring the strength across the global bourses. The Sensex is now quoting at 16459, stronger by 233 points and the Nifty is at 4923, up 67 points.
 
Wall Street registered its best gains in three months on Tuesday following a sharp decline in the dollar, better-than-expected earnings, positive manufacturing data and M&A activity. The Dow gained nearly 170 points and the Nasdaq added 30 points.

And hopes of a recovery in the global economy have pushed up the Asian markets for the sixth time in seven days. The Hang Seng and Nikkei have surged around 2% each, while Shanghai has gained more than 1%.

Metal stocks surged on the back of gains in the London Metal Exchange. Tata Steel and Hindalco strengthened by 4.8% each at Rs 576 and Rs 152 respectively, while Sterlite gained 3.9% at Rs 791.

The country's largest mobile services operator Bharti Airtel rebounded nearly 3% to Rs 280 after the deep cut seen in the past two trading sessions. And index heavyweight Reliance is trading higher by nearly 1% despite the LyondellBasell setback. The Dutch petroleum company has announced the settlement of inter-creditor disputes, paving the way for it to file for Chapter 11 bankruptcy.

There are no losers among the Sensex stocks.

The market breadth is strong. Out of 2690 stocks traded on the BSE, there are 1912 advancing stocks as against 696 declines.