Markets rebound smartly, metals sparkle

Markets have made a smart recovery from days low tracking firm opening of the European markets. The Sensex and the Nifty are trading above 16,700 and 5000 levels respectively.

The European markets are trading strong with CAC, DAX and FTSE spurting between 1-2%. 

By 1355 hrs, the Sensex remained at 16,731 soaring by 248 points, and the broader Nifty index remained at 5,019 accelerating by 82 points.

On the sectoral front, Metal, Banks, Technology and Power are leading the strong rally, all zooming by nearly 2% each.

The main winners on the Sensex are Sterlite, Hindalco and Tata Steel, all sparkling between 3-4%. Tata Motors, TCS, JP Associates, Maruti Suzuki and NTPC have advanced by over almost 2% each.

Meanwhile, Midcaps and Smallcaps have extended the gains with BSE Midcap index has ascending by 0.8% whereas BSE Smallcap index has rising by 0.7%.

The market breadth on the BSE remains strong with 1,540 shares advancing and 1,041 shares declining.