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The Indian markets have rebounded from Friday’s sell off to a gap up opening today morning. The gains come on the back of stronger global markets that have rallied after the US Fed said that it will intervene if the US economy showed further signs of weakening.

At 9.23 am, the BSE Sensex was trading at 18,149, up 151 points and the NSE Nifty rose 41 points to 5,450.

All the sectoral indices were trading in the green. High beta stocks – realty and metal- led the rally. Tata Steel (up 2.48 per cent) was the biggest gainer on the Sensex. Jindal Steel gained 2.04 per cent. DLF rose 1.01 per cent.

Auto, consumer durables and banking stocks rose. ICICI bank advanced 2 per cent. It was the biggest mover on the Sensex adding 28 points to the index.

On the Sensex, 27 stocks advanced and 3 declined. TCS and HDFC Bank declined.

The broader markets saw buying interest with the BSE small cap index outperforming the benchmark indices in initial trade. Small caps rose 1.36 per cent. Overall, 80 per cent stocks advanced on the BSE indicating a strong breadth for the market.
The market has been posting gains for the past four sessions on expectations of strong earnings by corporate, who will start reporting quarterly numbers beginning next week. But analysts said the valuations were high as the index has moved up quite fast so far in 2010.

“Upbeat investor sentiment helped market clock gains. Positive outlook from companies would help it extend the gains,” Unicon Financial CEO Gajendra Nagpal said.

After gaining nearly seven per cent in March, the Sensex has already recorded a gain of three per cent in just three trading sessions in April so far.

The National Stock Exchange’s 50-share Nifty ended with a rise of 0.16 per cent to 5,374.65 points.

The market sentiment was positive in early trade but the index saw heavy profit booking towards the mid-session, which analysts said was on account of weak European markets.

“Investors were expecting that European market would open in green but it actually opened flat which triggered a profit booking here. However, final hour purchasing helped the market to settle in green with modest gains,” Nagpal said.

The gain in today’s market was helped by the buying in the scrip of heavyweight Reliance Industries which rose 0.70 per cent.

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This post was submitted by rishi maurya.

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