Sensex gains 2% on broadbased buying; MCX up 33% at Rs 1369

The BSE Sensex extended its early trade gains to 2% supported by 29 stocks. Upmove continued not only in Indian equities but also in global peers on hopes that Greek debt swap deal will get passed soon and ahead of US jobs data. Also there was a short covering after a fall of nearly 500 points on the Sensex in previous three sessions.

Asian markets gained 0.4-1.3% on Friday on the hopes that Greece is a step nearer to averting a default and this may help the Indian market too, said technical analyst Anil Manghnani of Modern Shares & Stock Brokers.

The BSE benchmark moved up 351.16 points to 17,496.68 and the NSE benchmark gained 108 points at 5,328.05 or 2%.

A share of MCX, world's fifth largest commodity exchange, trades at Rs 1,369.20, up 32.67% over issue price of Rs 1032. About 23 lakh shares traded on BSE and 22.94 lakh shares on National Stock Exchange so far.

All sectoral indices were in the green and most beaten down stocks in previous sessions were seeing buying interest. The BSE Metal and Capital Goods indices were up 3.-3.5%. BSE Bankex rose nearly 3%.

Shares of Jindal Steel, L&T, ICICI Bank, Tata Steel, Sterlite Industries, Cairn India and IDFC were top gainers among largecaps, rising 3.7-5.7%. However, only HUL was under pressure among Sensex 30, falling 0.3%.

The broader markets like BSE Midcap and Smallcap indices climbed 1.8% each. About three and half shares advanced for every share declining on the BSE.

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At 9:19 hours IST: Sensex up 300 pts; MCX shoots 35% in pre-opening session

The BSE Sensex started off trade with 250 points gap up on Friday following strong global cues. Even the NSE Nifty touched 5300 level on hopes that Greek debt deal will get passed soon.

MCX was at Rs 1,395 (near to expected price), up 35% over issue price of Rs 1032 in pre-opening session. Normal trading session of the world's fifth largest commodity exchange will start only after 10 am. Shares of Financial Technologies, a promoter of MCX, rose 1.6% to Rs 875.

The BSE benchmark gained 303 points or 1.77% at 17,448.75 and the NSE benchmark jumped 94 points or 1.8% to 5,314.35.

Asian markets extended gains today on hopes that Greek debt swap deal will get approved soon. Overwhelming participation from private bondholders indicates that support is still flowing in. Greek officials indicate over 95% participation. Yesterday, even US markets rallied 0.5-1%.

Back home, Tata Steel, SAIL, IDFC, ICICI Bank, Axis Bank, Reliance Industries, L&T, Bharti Airtel, BHEL, TCS and Wipro gained 1.5-3.5%.

The NSE Bank NIfty surged 244 points in early trade.

Reliance Communications gained 2% as about 2 crore shares changed hands on BSE in a block deal.

However, BPCL and HPCL lost 0.7% as these companies are waiting for oil price hike.

About five shares advanced for every share falling on the National Stock Exchange. The CNX Midcap moved up 118 points to 7,589.

In the second line shares, MTNL gained 4% as Business Standard reports that LIC wants to exit MTNL via private placement.

Mahindra Satyam rose 3.5% after the company acquired vCustomes