Sensex up 100 pts in firm mkt, banks surge

Markets continue to maintain the steady movement with Sensex and the Nifty trading above 17750 mark and 5350 levels, respectively. Firm Asian cues and index heavyweights like ICICI Bank, L&T and SBI are supporting the markets to hold on their gains.

At 11:30 hrs, the Sensex was up 164 points at 17,769 and the 50-share Nifty rose 50 points at 5,376. 

On the global front, Asian are trading firm, extending last week's rally, after data showed higher-than-expected US jobs growth. Strait Times, Hang Seng, Taiwan Index, Shanghai Composite Nikkei and Kospi have gained between 1-2%.

Banking stocks have extended recent strong gains. SBI is the top Sensex gainer, up 4%. ICICI Bank, HDFC and HDFC Bank have surged between 1-2%. 

Metal stocks has surged after LMEX, a gauge of six metals traded on the London Metal Exchange jumped 2.45% on Friday, 3 February 2012. Sterlite Industries, Hindalco Industries, Tata Steel and Jindal Steel & Power rose gained between 2-5%.

Index heavyweight Reliance Industries (RIL) has gained marginally, with the stock advancing for the second straight day.

From the Capital Goods space, L&T and BHEL have spurted between 1-2%. 

Technology majors TCS, Infosys and Wipro have gained by almost 1% each.

Auto stocks like Tata Motors, M&M, Maruti and Hero Motocorp are up by over 1%.

Among Realty pack, DLF has gained over 3% on expectations that the central bank will start cutting interest rates in the coming months to prop up slowing economy.

The broader markets have outperformed the benchmarks indices. The BSE Midcap and Smallcap indices have zoomed by over 2% each.

Shares of cement companies have surged triggered by good dispatches data in January 2012. J.K. Cement, Jaiprakash Associates, UltraTech Cement and India Cements have gained between 3-5%.

Piramal Healthcare has gained 3% after the company said it would buy a 5.5% stake in Vodafone's India unit from Essar for Rs 3007 crore, taking its total stake in the mobile company to about 11%.

OM Metals Infraprojects increased 2% after the company said it has signed a memorandum of understanding with DSD Noell GmbH of Germany for technical co-operation for larger hydro-mechanical projects.

The overall market breadth in BSE remains firm with 1,903 shares advancing and 598 shares declining.