Market close near day highs on strong global cues

Markets snapped 5-day losing streak to end near day's high on Wednesday, amid firm global cues, led by software and financials.

The 30-share Sensex ended up 187 points or 1.03% at 18,414 and the Nifty gained 64 points or 1.16% to close at 5,559.

World shares edged up to their highest level in a week on Wednesday after Chinese trade data pointed to a steady recovery of the world's second largest economy.

China reported a mild trade deficit of $884 million in March as a 14.1% year-on-year surge in imports eclipsed export growth of 10%, signaling that domestic demand was gathering the pace needed to drive economic recovery.

MSCI's all-world share index, which tracks stocks in 45 countries, rose 0.4% to its highest level since April 3 as European shares followed gains in Asian markets.

London FTSE 100, Paris's CAC-40 and Frankfurt's DAX were up between 0.7 and 1.2% higher.

In Asia, Asian shares edged higher as Chinese trade data signaled a recovery in the world's second largest economy, adding to an improving sentiment after Wall Street closed at a record high overnight, while the yen remained under pressure.

The MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2%, pulled higher by its materials sector with a 1.3% jump, as iron ore prices recovered.

Japan's Nikkei average climbed to its highest closing level in nearly five years, with traders citing new money coming into the market after the central bank started its ultra-loose

monetary easing this week.

The index ended 0.7% higher at 13,288.13, its highest closing level since August 2008.

In the broader markets, the smallcap index closed flat with a poistive bias at 5,858 and the midcap index gained 0.5% to end at 6,104.

Among the sectoral indices, FMCG index, down 0.4% was the only index to close in the negative.

IT index which gained over 2%, was the top sectoral gainer, on account of gains in heavyweights like TCS, Wipro, Infosys and HCL Tech which added 2-3.5%.

Bankex, Capital Goods and Realty indices which gained 1-2% were the other major sectoral gainers.

Auto, Power, Consumer Durables, PSU, Metal, Health Care and Oil & Gas indices too gained 0.3-0.7%.

The movers from the financial space were HDFC, HDFC Bank, SBI and ICICI Bank gaining between 1.5-3.6%.

From the auto space, Tata Motors, Bajaj Auto and Maruti Suzuki closed up 0.4-2%.

L&T, Cipla, Bharti Airtel, NTPC,Tata Power and Reliance Industries up 0.6-2% were teh other notable gainers.

On the losing side were Sun Pharma, Jindal Steel, ITC, Hindustan Unilever, Dr Reddys Lab, BHEL, ONGC and Hero MotoCorp down 0.4-1%.

The market breadth was positive on the BSE. 858 stocks advanced while 828 stocks declined.