Banks, tech, oil & gas drive Nifty above 5800

ALSO READ See Key Market Stats - Top Gainers/ Losers, Most Actives, Highs/Lows See how Global Markets are trading Indian ADRs Nifty BSE | NSE 29/05/12 Are Mutual Funds betting on Nifty?

The benchmark Sensex added more than 250 points in the afternoon trade and shrugged off trial court order on 2G case. The rally was led by buying across sectors at 14:30 hours - TCS was the leading star, with rising more than 4%.

Heavyweights ONGC, Wipro, SBI, NTPC, ICICI Bank, Bharti, ITC and HDFC gained 1-2%. HCL Tech extended its upmove - rallied 9% after the 17% rise in third quarter net profit of Rs 468 crore.

Infosys, BHEL and Reliance Industries were up 0.8% each. M&M and Tata Motors were other biggest gainers, with gaining 5.5% & 3.5%, respectively.

Metal companies' shares too were helping the markets - Tata Steel, Jindal Steel, SAIL, Hindalco and Sterlite rallied 2-3%. HUL, Kotak Mahindra Bank and DLF went up 2%.

The 30-share BSE Sensex was trading at 19,427, up 306 points and the 50-share NSE Nifty went up 95 points to 5,836.

Global cues were quite supportive today - European markets like France's CAC, Germany's DAX and Britain's FTSE were trading about 2% higher. US index futures too gained 1%.

Anil Dhirubhai Ambani Group companies' shares also recovered - Reliance Power and Reliance Capital were flat. Reliance Infrastructure gained 0.5% but Reliance Communications remains down 3%.

Hero Honda was down 2% and L&T was marginally in the red.

In midcap space, BF Utilities, Triveni Engg, Jubilant Foodworks, Techno Electric and Trent rallied 6-10%. However, DB Realty, IRB Infra, Den Networks, Nava Bharat and Petronet LNG lost 2-8%.

In smallcap space Subex, Lloyds Metals, JVL Agro, Nouveau Multi and Gujarat Ambuja Exports jumped 9-12%. However, Atlanta, Prabhav Industries, Kama Holdings, Ontrack Systems and IT People slipped 4-10%.

About 1924 shares advanced as against 974 shares declined on Bombay Stock Exchange.