Nifty rises 1%; broader markets not far behind

Equity benchmarks as well as broader markets were trading 1% higher in the afternoon trade, supported by positive global cues. Banks, metals, auto, power, realty sectors coupled with index heavyweights Reliance and L&T helped the market. The Sensex was up 166.50 points at 16,617.97 and the Nifty went up 54 points to 5,009.70.

According to Jai Bala, cashthechaos.com, bulls can stay calm until the Nifty holds 4,800. He says, the Nifty will face resistance at 5,020 and 5,065 to 5,070. "If it can pierce through these levels, it is going to be very bullish. But if it cannot, I think that is what is going to be the most likely outcome, I am sure markets are going to reverse from there," he adds.

Shares of Sterlite Industries topped the buying list, rising 5.5%. Hindalco, Tata Steel and Coal India gained 2-4%.

Among banks, ICICI Bank rallied 3%. HDFC Bank retained its gains post better than expected growth in profit of Q3, which went up 31.4% to Rs 1429 crore YoY. SBI jumped 1.7%.

Among others, Reliance Industries, L&T and HDFC moved up nearly 1.5%. Power stocks like NTPC and Tata Power were up 2.74% & 4%, respectively.

However, Infosys, Bharti, TCS, M&M, ONGC and HUL were down 0.5-1%. Shares of state-owned BHEL lost 3%.

Advancing shares outnumbered declining by the ratio of 2:1 on the BSE.

At 12:46 hours IST : Sensex maintains uptrend; banks, metals, power rally

The market continued to trade higher since the morning, led by power, metals, banks, auto and realty sectors. Reliance Industries and L&T too were playing supportive role. The Nifty sustained above the 5000 level quite nicely, which went up 46.75 points to 5,002.55. Meanwhile, the Sensex gained 143 points at 16,594.30.

Ayaz Ebrahim, CIO Asian equities ex-Japan of Amundi is getting more constructive on India now. He says, valuations in Asian markets are compelling.