Sensex gains momentum; Sterlite, ONGC, M&M up

Benchmarks moved higher-ranking on Thursday as traders sustained to cover short positions on the last day of the May edition. All sectors of the index were in the green, led by auto, capital goods and oil & gas breathing space.

'The Nifty have sold over and over again after a superseding rally, but some defensive shorts are disheartened by the markets are oversold. Instantly the confrontation is located on the 4950-5000 series of tight that would grow weaker the grip means.

On the bottom 4800 is now an significant support level. Since it is derived from the end, we witness a muted price action inside range of 4900-4950. We wait for further short-covering in the metal name, says Edelweiss account.

At 12:45 the Bombay Stock Exchange's Sensex at 16,580.02 up 192.18 points or 1.17 percent.The index touch a high of 16,585.29 and low 16,331.10.

National Stock Exchange's Nifty was at 4962.95, up 45.55 points or 0.93 percent. The broader index hit a low of 4,897.60 and high of 4973.35.

BSE MidCap Index was up 0.58 per cent and BSE Smallcap Index enthused 0.50 percent elevated.

In the middle of the sectoral indices BSE Auto Index was 1.72 percent BSE assets goods index advanced 1.51 per cent and BSE Oil & Gas Index moved 1.48 percent higher.

Forester Small Industries (4.62%), ONGC (3.86%), M & M (3.08%), Tata Motors (2.22%) and ITC (2.20%) were the top Sensex winners.

Bharti Airtel (-0.98%), Hindalco Industries (-0.37%), Jaiprakash Associates (-0.37%), Cipla (-0.36%) and Reliance Infrastructure (-0.15%) were the only scum.

Stocks of Mahindra & Mahindra continued to speed on the second day, after the company announced that it will have a majority share in the electric car maker Reva.

Market breadth was positive on BSE with 1506 advances and 1095 are reduced.

European markets open in positive to take signals from Asian competitors. The FTSE 100 was up 1.24 percent CAC 40 moved 1.30 percent higher and the DAX higher 1.18 percent.