Sensex up 200 pts, ICICI Bank gains 3%

Meanwhile, HDFC Bank, NTPC, ONGC and Coal India buck trend

Markets extended gains, with benchmark indices strengthening by nearly a percent each in late morning trades. The gains were led by buying in index heavyweights such as ICICI Bank, Reliance Industries and Tata Motors.

At  1140 hrs, the Sensex was up 209 points at 22,486 and the Nifty added 61 points to trade at 6,736.

The broader markets added on to their early gains with the smallcap index up 1.2% and the midcap index was up 0.8%, in line with the Sensex.

The rupee continues to remain firm at around 60.36, sparked by dollar selling after US Fed chair's dovish comments. Traders see the Indian currency trading in a 60.20-60.50 band for the day.

All the sectoral indices were in the green, with Auto, IT, Metal and Realty indices up 1-2%.

The FMCG index up 0.3% was the least performing pocket.

HDFC Bank, down nearly 2%, was the top loser among Sensex-30. The bank slipped on reports that MSCI has cut the bank's weightage in MSCI India index.

NTPC, ONGC and Coal India, down 0.2-0.6% each, were the only other index losers during the hour.

Tata Motors, ICICI Bank, Hindalco, Wipro and Axis Bank up 2-3% were the top gainers.

SBI, RIL, Infosys, L&T and ITC added 0.7-1.4%.

In individual names, the shares of infrastructure major NCC were up over 4% at Rs 47.15 on the BSE on talk that the company plans to sell select highway assets with a view to reduce its debt.

Hindustan Construction Company gained 3% at Rs 18.60 after the company said it has been awarded a Rs. 300 crore contract by Delhi Metro Rail Corporation Ltd.

The market breadth was very positive on BSE. 1389 stocks advanced while 799 stocks declined.