Sensex rallies on strong global cues

The markets have continued from where they left last evening, with the Sensex gaining 185 points at 16,249 and the Nifty placed at 4828, up 63 points.

The US markets strengthened overnight on the back of positive economic data. The Dow Jones closed above the 10k mark for the first time since October 22. And the Asian markets are trading in the positive this morning.

Consumer durables, realty, PSU and metal sectoral indices are doing well.

The leading Sensex gainers are Tata Steel (stronger by 3.3% at Rs 500), Jaiprakash Associates (higher by 3% at Rs 224) and DLF (up 2% at Rs 382). Hindalco and Sterlite have also appreciated between 2% and 3% each.

Hindustan Unilever and ITC have are the only major losers on the Sensex, with the former shedding 1% at Rs 275 and the latter trading flat with a negative bias at Rs 251.

Out of 831 stocks traded on the BSE so far, there are 755 advancing stocks as against 65 declines.

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(Updated at 9:56am)

The Sensex has opened  145 points higher at 16,208. The index is now now at 16,270, up 197 points.

The NSE Nifty is now at 4,820, up 54 points