Markets surge on Asian cues

Strong cues from Asian markets and positive news on the Unit Linked Insurance Plans front buoyed markets on Monday to its highest in more than two months.

The Sensex opened at 17,654 and touched a high of 17,919 -- its highest since April 15, 2010. The index was near that level through the day and finally ended with a gain of 306 points at 17,877.

The Nifty ended at 5,353 -- up 91 points after touching a high of 5,367.

Markets in Asia were up on Monday. The Hang Seng gained 3% at 20,912. Nikkei jumped 243% to 10,238. European markets are also trading firm.

The upmove came as China decided to allow greater flexibility in the yuan's exchange rate.

The ongoing tussle between Securities and Exchange Board of India and Insurance Regulatory Development Authority came to an end with the government ruling that Ulips with investment component are insurance products which will come under the regulatory jurisdiction of the Irda.

BSE metal index soared over 5% to 15,586. The realty and bankex also gained over 2% each. The capital goods, auto, power and FMCG were also up.

Heavyweight -- ICICI Bank contributed the most to the market's upmove on Monday. The stock jumped 4% to Rs 901.

Sterlite was the star performer on Monday and surged 8% to Rs 184. Tata Steel rallied 6% to Rs 504. Hindalco gained 5.6% at Rs 153. Jindal Steel added 2.3% to Rs 686.

Jaiprakash Associates advanced 4% to rs 134. DLF was up 2.7% at Rs 290.

Tata Power and Mahindra & Mahindra were up 3% each at Rs 1314 and Rs 637, respectively.

ACC, Reliance Infrastructure, Larsen & Toubro, HDFC, Maruti Suzuki and BHEL were the other big gainers in the market.

Towards the end of the day, some stocks fell in the red. HDFC Bank, Bharti Airtel and Hero Honda ended with marginall losses at Rs 1,985, Rs 265 and Rs 2,021, respectively.

VALUE TOPPERS. . .

Sesa Goa topped the value chart with a turnover of Rs 187.61 cr, followed by Tata Steel (Rs 165.68 cr), RNRL (Rs 92.15 cr), ICICI Bank (Rs 90.29 cr) and ICICI Bank (Rs 90.29 cr).