Markets surge as tensions in Ukraine ease; Sensex up 250 pts

29 scrips of the Sensex-30 trade in positive territory

Benchmark indices gained over a percent in noon deals and were at their day highs after foreign institutional investors were net buyers on Monday, inspite of a selloff in other emerging markets.

Another positive for the market was after Russia's president ordered troops in military exercises in central and western Russia to return to base, raising hopes that a peaceful solution might be reached.

At 1300 hrs, the Sensex was up 248 points at 21,194 and the Nifty advanced 70 points to trade at 6,291.

The broader markets, too gained with the midcap index up 1% and the smallcap index advanced 0.8%.

Barring Health Care index which was flat with a negative bias, all the other sectoral indices were in the green with gains of atleast 0.3%.

FMCG, Auto, Consumer Durables, Oil & Gas, Power and Capital Goods gained 1-1.5%.

Metal and Bankex indices up 2% were the major sectoral gainers.

Sun Pharma down 0.4% was the only loser among the Sensex-30 stocks.

Hindalco up nearly 5% was the top gainer in noon deals followed by Axis Bank, ICICI Bank, Sesa Sterlite, Gail India, Tata Power, BHEL and Tata Steel up 1.7-3.7%.

Tata Motors, HUL, SBI, L&T, ITC, ONGC, Mahindra & Mahindra, HDFC, Hero MotoCorp and Reliance Industries up 1-1.5% were the other major gainers.

HT Media soared 9% to Rs 82.85 on back of heavy volumes on the bourses.

Ceat locked in upper circuit for second day in a row, up 5% at Rs 311, extending its past one week gain, after the company said it has resumed the manufacturing operations at the Bhandup plant, from February 25.

The market breadth was positive on the BSE. 1,415 stocks advanced while 1,014 stocks declined.

Global Markets

Asian shares turned higher and the safe-haven yen drooped on Tuesday, after Russia's president ordered troops to return to base. There was no word, however, on movement of Russian forces that have effectively occupied much of Crimea.

MSCI's broadest index of Asia-Pacific shares outside Japan added about 0.1% in afternoon trade.

The Nikkei ended up 0.5%, erasing earlier losses, on cautious bargain-hunting by investors hopeful that conflict will be avoided.