Markets continue to trade firm

Maruti Suzuki bucks trend

Markets have surged in noon trades on the back of buying in oil & gas, banking and metal shares. The Sensex, recovered from a low of 15,935 and is now up 208 points at 16,156. Nifty is up 63 points at 4,899.

Meanwhile, in Asia Hang Seng rebounded from the day's low and was up 0.1% at 18,807. Nikkei traded flat at 8,563 after a bout of short covering.

In other news, the rupee today depreciated by 21 paise to 56.21 against the US dollar at the Interbank Foreign Exchange market in early trade, following strong demand for the American currency from importers amid concerns over deepening eurozone crisis.

Back home, all the sectoral indices have changed directions and are trading in the positive zone. BSE oil & gas index has gained 2% to 7,574. Bankex, metal and PSU indices are up 1-2% each.

ONGC remains the top Sensex gainer and is up 4% at Rs 253. HDFC and HDFC Bank together accounts for a 64 point jump on the Sensex. From the metal pack - Hindalco and Jindal Steel are up 2-3% each. Among other gainers are ICICI Bank - up 2% and Reliance - up 1.3%.

However, Maruti Suzuki is languishing in the red- down 1% at Rs 1,140. Sun Pharma and HUL are down marginally in trades.

Shares of government-owned oil marketing companies have rallied 1-2%% each on the bourses, after these companies have raised the price of petrol by a record Rs 6.28 a litre from Wednesday midnight. The increase was necessitated by their rising under-recoveries and a weakening rupee, the companies said. Prior to this, the steepest hike in absolute terms was done last May, when the price rose by Rs 5.