Markets at day's high, metals soar

Markets have extended gains, tracking Asian indices and Reliance.

The Sensex, after a strong opening at 16,799 regained the psychological 17,000, mark as metal and realty stocks gained. The index has touched a high of 17,262 - up 493 points (3%).

The Nifty is up 155 poinst at 5,173.

The European Union's decision to introduce a rescue package for Greece gave a fillip to Asian markets which soared on opening. The Hang Seng is now up 2.5% at 20,426.

Further positive news came from the Indian met department's prediction that monsoon is likely to hit the coast by the first week of June.

Metal index has soared today. The index has jumped 5% to 16,771. Realty, bankex and oil stocks are the other big gainers. However, the healthcare index has slipped marginally to 5,310.

Market heavyweights, Reliance and ICICI Bank have contributed to the rally. Reliance has surged 4.3% to Rs 1079. ICICI Bank has rallied 4.7% to Rs 918.

Hindalco has soared 8% to Rs 176. Other metal stocks, Tata Steel and Sterlite has gained 5.4% each at rs 589 and Rs 753, respectively.

Tata Motors and Mahindra & Mahindra are the two big gainers among auto stocks.

Reliance Infrastructure has jumped 5.3% to Rs 1032. DLF has added 14.5% to Rs 298. Grasim, Jaiprakash and ACC have added 3-4% each.

Among other gainers, HDFC Bank, Wipro, TCS and Tata Power are significant.

Pharma stocks remain weak with Cipla dropping over 6% to Rs 321. Reliance Communications is down 1% at Rs 151.

The BSE market breadth continues to be positive. Out of 2871 stocks traded, 2204 have advanced while 610 have declined.