Markets off early highs; Consumer Durables weigh

Broader markets under perform the BSE benchmark index

Markets have slipped from day highs on account of weakness in pockets like Wipro and Cipla. At 1305 hrs, the Sensex was up 373 points at 19,667 and the Nifty gained 114 points to trade at 5927.

In the broader markets, the mid and smallcap indices gained 0.8-0.8%, underperforming the BSE benchmark index which surged nearly 2% in noon deals.

In Asia, shares hit a near four-week high on Thursday and the dollar extended losses on comments by Federal Reserve Chairman Ben Bernanke that monetary stimulus would still be needed for the foreseeable future.

MSCI Asia-Pacific ex-Japan index jumped 3%, hitting a near four-week high and on track for its biggest one-day rise in 10 months, while Seoul and Thai stocks rose 2.9 and 3.2%, respectively.

Tokyo's Nikkei share average underperformed other Asian markets, up 0.4%.

European shares shot higher, with FTSE, DAX and CAC opening higher by over 1.3%.

Among the sectoral indices, only Consumer Durables index was in the red, losing 0.1%. Among the gainers were Metal, Bankex, Capital Goods, Realty and PSU indices which gained 2-3%.

The gainers among the Sensex-30 were metal names like Hindalco and Sterlite, up 4% each.

HDFC Bank, Hero MotoCorp, Bharti Airtel, ONGC, L&T, HDFC, Tata Steel, TCS, Jindal Steel, Cola India and ITC adding 2-3% were the other notable gainers.

The only ones in the red among the 30 stocks were Wipro, Maruti Suzuki and Cipla losing 0.1-0.4%.

The market breadth was very positive. 1,253 stocks advanced while 777 stocks declined on the BSE.