Markets gain momentum

Markets continue to trade on a strong note in the noon deals. The Sensex has advanced 140 points to 18,430 and the Nifty is up 48 points to 5,612 levels. Buying is visible across the board with metal, power, realty and oil & gas stocks leading the gains.

The Asian markets ended mixed. Japan's Nikkei shed 22 points to close at 9,463 levels, Taiwan shed 33 points to 7,921. However, Hang Seng and Shnghai ended higher.

Back home, finance minister Pranab Muherjee said that India's economic slowdown is likely to be temporary.

BHEL is the top gainer among the Sensex stocks, up 4.4% to Rs 317 on reports that the Cabinet Committee on Economic Affairs (CCEA) will impose import duty at the rate of 20% on the power generation equipment for projects above 1,000 megawatts (MW). ONGC has advanced 3.5% to Rs 291 on reports that the overseas investors have assured the government they would buy up the proposed 5% stake sale in the company.

Tata Steel, Hindalco, SBI, Hero MotoCorp, Reliance Industries, mahindra & Mahindra, Sterlite Industries, Bharti Airtel, ICICI Bank, Tata Power DLF and ITC are also trading higher by 0.8-4.3% each.

On the other hand, Wipro, Tata Motors, NTPC, HDFC Bank, Maruti Suzuki, Gail India, HDF, HUL, Infosys and TCS are among the losers.

Realty, metal, power and oil & gas  stocks are on the investors radar in trades today. The BSE Realty index is the top sectoral gainer, up 2.2% to 2,126 levels. Oberoi Realty is the top gainer among the realty pack, up 9.5% to Rs 313. Unitech, DB Realty, HDIL and Sobha Developers are also among the gainers.

Metal index has advanced 2% or 248 points to 12,820 levels. JSW Steel, Sesa Goa, SAIL, Bhushan Steel and Jindal Steel are the top gainers among this pack.

Power and Oil & Gas indices have also jumped 1.6% each. Capital Goods, Consumer Durables, PSU, Healthcare and Bankex indices are also trading on a firm note.

Led by losses in heavyweight IT stocks, the BSE IT index has shed 0.2% to 6,256 levels.

Among the individual stocks, Electrosteel Castings has soared 12% to Rs 27.15 after the company said it has received ministry for Environment and Forest (MoEF) clearance for its iron ore mines located at Kodolibad, West Singhbhum, Jharkhand.

The broader markets are also trading higher. The BSE mid-cap index is up 57 points at 6,601 and the small-cap index is up 92 points at 7,209 levels.

The overall breadth is positive as 1,606 stocks are advancing while 1,108 are declining.