Sensex firm, Nifty holds 7850; Coal India, GAIL down 1%

Moneycontrol Bureau10:50 am Market cools off: The Sensex is up 157.21 points or 0.6 percent at 25594.18, and the Nifty up 49.65 points or 0.6 percent at 7855.55. About 1412 shares have advanced, 619 shares declined, and 122 shares are unchanged. 10:30 am Jet fuel price: Domestic airlines body FIA is likely to meet Petroleum Minister Dharmendra Pradhan today over the alleged "opaque" pricing of jet fuel by oil marketing firms and seek government's intervention in resolving the issue. The Federation of Indian Airlines (FIA) during the proposed meeting is also expected to raise other related issues, including oil companies alleged failure to bring down ATF prices in line with the reduction in crude prices since 2014, sources said. Any upward or downward revision in aviation turbine fuel prices directly impacts air fares as fuel costs account for over 40 per cent of an airline's operating cost.Don't miss: Will be surprised if Nifty re-tests 7200: Rakesh Jhunjhunwala

The market has managed to keep early morning upmove ticking. The Sensex is up 232.74 points or 0.9 percent at 25669.71, and the Nifty is up 73.10 points or 0.9 percent at 7879. About 1340 shares have advanced, 457 shares declined, and 87 shares are unchanged.

Tata Motors, Bharti Airtel, Adani Ports, NTPC and L&T are gainers while GAIl, Coal India, Sun Pharma and TCS are losers in the Sensex.

Oil prices dipped on signs that production in the Middle East is continuing to rise, countering falls in US output and threatening to keep a global supply overhang in place for longer.

Gold nursed small overnight losses, but the metal wasn't too far from a 15-month high on dollar weakness and as assets of the biggest bullion fund rose to their highest in over two years. Gold has risen sharply in recent days after the dollar slumped on the Federal Reserve's cautious stance towards higher US rates and as the yen soared after the Bank of Japan stood pat on policy last week.