Nifty above 4900 up 58.25 ; Metal Up 3%

   
The Sensex ended the day at 16428.91, up 202.23 points from the previous close. The Nifty shut shop at 4914, up 58.25 points.


    The benchmark Nifty closed above the psychological 4900 mark for the first time in the last ten sessions. It rallied over 70 points and the Sensex over 200 points during the day led by buying in metal post rise in CRB Index and good numbers from Tata Steel, banking, infrastructure, FMCG and auto stocks. Heavyweights Reliance Industries and Bharti Airtel were also the gainers in trade.
Positive global cues also pushed the markets higher. European markets were trading 0.8-1.5% higher and the US index futures were up 0.3% each.
Asian markets were quite supportive in initial trade; Nikkei rose 2.7%. Hang Seng, Straits Times and Kospi gained 1.3-1.65%. Shanghai and Taiwan markets were shut today. The US markets rose 1.7% on Tuesday, as banking stocks rallied post better-than-expected numbers for 2009 from Barclays.

The BSE Metal index gained over 3%. Breadth was bullish - out of over 2,910 scrips traded, over 1,700 logged gains.


Tata Steel zoomed over 6% to Rs 585. Hindalco was up over 5% at Rs 153. Sterlite added 3% at Rs 789.


Reliance gained over 1% at Rs 1,032. HDFC Bank, Bharti, RCom, L&T and SBI also closed with gains.


DLF dropped over 1% to Rs 306. Infosys, NTPC and ONGC also declined.


Tata Steel was the most active counter on the BSE with a turnover of Rs 195 crore followed by Ruchi Soya (Rs 121 crore) and VIP Industries (Rs 95 crore).