Markets at highs of the day

Realty, banks lead gains

Markets continued to trade firm in afternoon trades on the back of buying ineterst in realty and consumer durables stocks. The Sensex has jumped 259 points to a high of 18,796. The NSE Nifty is up 71 points at 5,707.

In Asia, Nikkei and Hang Seng went up marginally after Greece’s creditors reached a much-awaited deal to extend more financial aid to the debt-struck country, although mainland Chinese stocks fell. Taiwan Weighted and Kospi surged 0.3-0.9% each.

All the sectoral indices were trading in the positive zone - led by BSE realty index, followed by consumer durables, Bankex and metal indices. BSE realty index added 2.6% to 1926.

Meanwhile, Rajya Sabha has been adjourned till Nov 29. Lok Sabha will resume its proceedings at 2 pm today.

The Indian rupee failed to maintain initial gains against the American currency and was quoted steady at 55.72 per dollar in the late morning trade on renewed dollar demand from banks and importers.

Financials are leading the gains - HDFC Bank and HDFC account for a 75 points rally on the Sensex. Sterlite has jumped 4% to Rs 103. Hindalco, Bharti Airtel and Cipla are up 2-3% each. Among other key gainers are Infosys. ITC, SBI and Reliance.

NTPC, however, is the sole loser among Sensex stocks - down 0.3% at Rs 159. The government has said the Central Vigilance Commission (CVC) had forwarded a complaint with regard to alleged irregularities in award of contract of NTPC's coal mine project in Jharkhand to Australian firm Theiss India.

L&T Finance Holdings has completed the acquisition of Fidelity's mutual fund business in India. This marks one of the largest M&A deals in the country's mutual fund industry in recent past. Shares of L&T Finance Holding are up 2% at Rs 76.80.

Suzlon has soared 8% to Rs 16.75 on back of over three-fold jump in trading volumes on reports that the wind turbine makers has been admitted to corporate debt restructuring (CDR) process.

BSE market breadth is positive. Out of 2725 stocks traded, 1634 shares have advanced while 972 shares have declined.