At 12:09 hours IST, the Nifty was strong in trade on the back of buying in heavyweights like Reliance Industries, Infosys and ICICI Bank, which gained over 4%. It tested the 4650 level while the Sensex was trading above the 15,700 level. On the sectoral front, technology, banking & financial, FMCG, realty, select metal, cement and auto stocks were seeing buying interest.

On the global front, Asian markets remained supportive. Kospi and Taiwan Weighted went up nearly 2% each. Hang Seng gained 1.6%. Straits Times and Jakarta were up close to 1%. Nikkei and Shanghai went up 0.2-0.4%.

The 30-share BSE Sensex rose 329 points to 15,734 and the 50-share NSE Nifty gained 92 points at 4,655. The market breadth was positive; about 1,621 shares advanced while 1,302 shares declined on the BSE. Nearly 840 shares were unchanged. The broader indices were up 1-2%.

However, Daryl Guppy, Founder & Director of guppytraders.com said the markets were likely to fall about 12-15%. "We are looking for a pullback to around 4,270 on the Nifty; we are testing 4,600 at the moment, a fall below that gives 4,270 as a downside target." In terms of Sensex - "The critical support is actually at 14,500, there is a minor support at 15,000 but that’s relatively minor its not particularly strong."

The BSE Realty index rose 5.5%, as DLF gained 5% and Unitech shot up over 6%.

Infosys surged over 4%. TCS, Wipro and HCL Tech were up 2-2.7%. The BSE IT Index jumped 3.4%.

However, in the largecaps, Tata Power lost 2.29% and Suzlon Energy slipped 3.8%. Grasim, Sun Pharma, BHEL, SBI, Idea Cellular and ABB lost 0.5-1.6%.

In the midcap space, Indiabulls Real, Torrent Power, Amtek Auto, Dish TV India and Anant Raj Industries gained 6-10.5% while REI Six Ten, KGN Industries, Andrew Yule, Motilal Oswal and Spice Communication fell 2-4.5%.

In the smallcap space, Genus Power, Agro Tech Foods, Subhash Project, aurionPro Solutions and SREI Infra went up 9-12% while Webel SL Energy, Shree Ram Urban, Disa India, Prime Securities and Garden Silk Mills lost 6-10%.

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