Sensex ends up 200pts

Sensex ends (provisional) at 16,343 - up 200 points. Nifty ends up 53 points at 4,899.
____________________________________
(Updated at 1435 hrs)

The markets have extended gains, and now trade on a firm note on the back of buying in oil & gas stocks. Recovery in key European indices helped the Indian markets to move higher. The Sensex, after dropping to a low of 16,046 recovered over 250 points to a high of 16,304. The index is now at 16,281 - up 139 points.

In Europe, CAC has gained 1.3% at 3,058. DAX was up marginally at 5,486. FTSE was up 1% at 5,097. Globally, investors would be looking towards Ben Bernanke's speech about monetary easing and QE3 on Friday.

BSE oil & gas index recovered nearly 3% from its lows of the day and was at 8,329. ONGC gained 4.3% at Rs 288. Reliance was up 2% at Rs 747. Among other gainers were the oil marketing companies - Oil India, HPCL and BPCL.

Aviation stocks went up on falling crude oil prices.

BSE power, FMCG and capital goods indices also moved up in trades. Meanwhile, interest rate sensitives slipped. IT index continued to lag and was down 0.5% at 4,712. TCS was the biggest loser among IT stocks - down nearly 2%. Oracle Finance, HCL Technologies and Infosys shed around 1% each.

BSE bankex and auto indices were down marginally in trades.

Among other stocks, Mahindra Satyam rose 1.5% at Rs 68 after declaring that they do not see the US credit downgrade effecting the business.

Analysts expect markets to remain volatile this week as the traders roll over their positions on Thursday.