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Sensex snaps 6-session losing streak

The markets are going strong this morning on the back of stability across the global bourses. The Sensex is quoting at 17, 187, stronger by 329 points and the Nifty is at 5175, up 103 points.

The midcap index is at 6546, higher by 140 points and the smallcap index is at 7698, up 213 points.

The global indices were battered through this week after Standard and Poor's downgraded the creditworthiness of the United States.

But the decision of the US Federal Reserve to hold rates near zero for an extended period of time have given the markets the much-needed fillip.

The Realty, auto and IT indices are leading this morning's recovery.

The IT index has snapped a six-session losing streak; the sector was badly mauled in the recent turmoil as the US and Europe are the main overseas buyers of Indian servives. Infosys has soared by 3.6% at 3463, TCS has gained 3.3% at Rs 1000 and Wipro has added 2.1% at Rs 254.

In the auto space, Tata Motors has jumped 5.9% at Rs 843, M&M has gained 4.2% at Rs 724 and Maruti has added 2.4% at Rs 1241.

And the realty space has seen the likes of DLF adding 4% at Rs 208 and HDIL adding 4.6% at Rs 117.

On the other hand, ONGC has weakened by 1.6% at Rs 281, Hindustan Unilever has shed 0.8% at Rs 316 and Bharti Airtel has lost 0.8% at Rs 403.

The market breadth is strong. Out of 2543 stocks traded on the BSE, there are 2097 advancing stocks as against 380 declines.