Sensex, Nifty continue to climb; auto, bank stocks support

Moneycontrol Bureau11:55 am Market outlook: Global equity markets are likely to remain volatile in the near term in the wake of concerns over events such as Brexit, says Madhu Kela, Chief Investment Strategist at Reliance Capital.But the former star fund manager believes that Indian stocks will give plenty of returns to the patient, discerning investor.Speaking to CNBC-TV18 in an exclusive interview, Kela said the Indian economy was growing at 7.5 percent in a world mired in deflation. Over the long term, this would lead to tremendous creation of new businesses and wealth.Kela -- who called the bottom of the market around its 6,800 lows in February--  added that near-term returns, especially in stocks that have bounced sharply since (such as public sector banks), may be subdued.11:45 am Steel woes: On February 5, the government imposed minimum import prices (MIP) on steel products for a period of six months in a bid to stop the deluge of cheap imports.But an extension of the MIP come at the risk of India being dragged to the World Trade Organisation (WTO) on charges of being anti-trade.The MIP ensures landed steel import steel prices trade at a floor price, typically on par or at a premium to domestic prices.In an interview with CNBC-TV18, Chintan Mehta, Metal Analyst, Sunidhi Securities, said the industry realizes that MIP was a temporary measure but expressed hope the government would replace it with anti-dumping duty when it expires.11:30 am Business plan: GMR Infrastructure denied selling controlling stake in Hyderabad Airport but added that it is exploring opportunities to raise funds.

"We completely deny sale of controlling stake in Hyderabad Airport. We wish to submit that GMR Group has been continuously exploring opportunities to raise necessary funds for the group," GMR Infrastructure said in a clarification to the BSE.

The company was reacting to speculations about the company being in advanced negotiations regarding sale of controlling stake in Hyderabad Airport.

Don't miss: Credit Suisse bets on Maruti, sees double digit FY17 EBITDA growth

The market continues to rise on bank and auto stocks support. The Sensex is up 125.91 points or 0.5 percent at 26651.37, and the Nifty is up 27.35 points or 0.3 percent at 8168.10. About 1330 shares have advanced, 725 shares declined, and 133 shares are unchanged.

Coal India, HDFC, Axis Bank, Maruti and Tata Motors are top gainers while Tata Steel, Sun Pharma, Infosys, HUL and NTPC are losers in Sensex.

Oil prices rebounded with share markets in Asia after a six-session sell-off with thedollar softening against most other currencies on easing concerns over Britain's EU future.After yesterday's sharp losses, equities pushed higher today on bargain-buying while analysts said the killing of a pro-EU lawmaker had increased the odds Britons will vote to stay in the European Union next week.World markets have been in a tailspin for the past week as recent polling had indicated the exit camp would win the June 23 ballot.