All-round buying driven by a rally on the metals, realty, consumer durables and banking

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counters, triggered by strong global trends, helped the benchmark Sensex erase yesterday's sharp loses and surge 333 points today.

The 30-share BSE barometer resumed 167 points up and remained in the green throughout the day, touching a high of 16,552.99 before shutting shop for the day at 16,496.05,rising 332.61 points or 2.06 per cent over its previous close.

Following the market barometer, the broader 50-issue Nifty of the NSE also flared up by 101.75 points or 2.11 per cent to close well above the psychological mark of 4,900 at 4,931.85 points. The Nifty had a 52 points positive opening today driven by strong buying support from the start.

SMC Capital vice-president Rajesh Jain said, "the markets rallied today on the back of positive global cues and good short covering. The market was also influenced by hopes of positive response from the Kirit Parikh panel for freeing oil prices on the back of which oil & gas stocks saw good buying.".

Marketmen said good response to the NTPC follow-on public offer on the first day of bidding today amid firm Asian cues also aided the market after being badly bruised yesterday.

CNI Research chairman Kishor P Ostwal attributed the rally to "stable funds buying in the domestic equities which have a horizon for medium and long-term investment and stable returns. Also, markets are yet to see some short-covering."

The buying interest was strong and broad-based that all 30 index-based sectoral indices ended in the green barring Sun Pharma.

Markets @ 12.30 AM

The Bombay Stock Exchange benchmark Sensex spurted by 364 points at midsession today on buying in banking and realty stocks by funds amid firming global trend.

The Sensex rose by 364.60 points to 16,528.40 points at 1230 hrs. The 30-share index had opened higher by 134 points.

The National Stock Exchange index Nifty rose by 112.10 points to 4,942.20 at the same time.

Marketmen said firming trend in Asian stock and commodity markets drove the buying on the domestic markets.

Among major gainers, ICICI Bank rose by 2.78 per cent to Rs 840, HDFC Bank by 2.02 per cent to Rs 1,617 and State Bank of India by 1.10 per cent to Rs 1,995.50.

The heaviest on the Sensex, Reliance Industries, rose by 1.79 per cent to Rs 1,045. Infosys gained 2.15 per cent to Rs 2,490. Both the scrips carry nearly 23 per cent weightage on the key index.

Markets @ 10.50 AM

The BSE Sensex extended gains to 2 percent on Wednesday morning, with financials leading the rally, supported by a rise in global markets.

At 10:50 a.m. (0520 GMT), the 30-share BSE index was up 1.9 percent at 16,467.69 points, with only one component declining.

The 50-share NSE index was up nearly 1.9 percent at 4,921.95.

Markets @ 09.00 AM (PTI)

The Bombay Stock Exchange benchmark Sensex today gained 166 points in early trade on buying in metal, realty and auto stocks by funds, triggered by firm global cues.

The 30-share index rose by 166.67 points to 16,330.11 points in the first five minutes of trade. The BSE barometer had lost 192.59 points in the previous trading session.

The wide-based National Stock Exchange index Nifty also moved up by 51.85 points to 4,881.95 points.

Brokers said revival of buying by funds on better global trend pushed up the Sensex.

Hong Kong's Hang Seng gained 0.71 per cent and Japan's Nikkei rose by 0.28 per cent in early trade. Singapore was up 0.76 per cent.

The US markets closed higher by 1.09 per cent last night after better-than-expected results by delivery giant UPS, an economic bellwether, chemicals major Dow Chemical and builder D R Horton.