Sensex above 14500; telecom, IT, rate sensitives gain

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At 11:51 hours IST, the markets were trading sharply higher on the back of uptrend in auto, technology, telecom, realty, banking, metal and infrastructure stocks. The Nifty was trading consistently above the 4300 mark as institutional buying was seen.

Stephen Roach, chairman of Morgan Stanley Asia, said India is the country to watch out for. "I love India," Roach said. "I mean, of all the economies and countries I spend my time out in Asia, the India's outlook looks terrific right now."

The Sensex rose 281 points, to 14,531 and the Nifty was up 86 points, to 4,317. The Nifty July future was trading with 3 points premium. The broader indices went up 2% each.

All the sectoral indices were in the green. BSE Auto, IT, TECk, Realty, Bank, Metal, Capital Goods and Power indices were up 2-3.8%. However, GAIL, Sterlite, HUL, Sun Pharma and Ambuja Cements were in red.

In the telecom pack, Bharti Airtel was up 4.81%. Idea Cellular, MTNL, Tata Communication and Tata Teleservices went up 1.5-2%. Reliance Communication gained 0.82%.

Media stocks like Deccan Chronicle shot up 9%. TV18, IBN18 Broadcast, UTV Software, Dish TV India, NDTV, Zee Entertainment, Zee News, Sun TV Network and Balaji Telefilm were up 2-4%.

In the technology pack, Infosys, HCL Tech, TCS, Wipro and Tech Mahindra moved up 2-3.7%.

Auto stocks like Exide Industries gained 9.77% (post Q1FY10 numbers); Apollo Tyres, Amtek Auto, Tata Motors, M&M, Ashok Leyland and Hero Honda were up 4-6.6%. Bajaj Auto, Bharat Forge and Maruti Suzuki gained 1-3.6%.

In the realty space, Orbit Corporation, DLF, Mahindra Life, Indiabulls Real, Unitech, HDIL, Omaxe and Ackruti City went up 2-3.8%.

In the banking space, ICICI Bank surged 5.23%. SBI, Axis Bank and Kotak Mahindra gained 3% each. Bank of Baroda, Union Bank, PNB and HDFC Bank went up 1-1.9%.

Metal stocks like NMDC was up 7% on divestment news. Jindal Saw, Sesa Goa, Hindalco, Jindal Steel, Tata Steel, SAIL, JSW Steel and Hindustan Zinc were up 1.4-4.7%.

On the next page - see how Indian markets performed in the last couple of hours