Nifty closes above 4900 on global cues; Metal Index up 3 per cent

The benchmark Nifty closed above the psychological 4900 mark for the first time in the last ten sessions. It rallied over 70 points and the Sensex over 200 points during the day led by buying in metal post rise in CRB Index, banking, infrastructure, FMCG and auto stocks.

Heavyweights Reliance Industries and Bharti Airtel were also the gainers in trade. However, selling in few stocks like ONGC, NTPC, Infosys, DLF, Cipla and Idea erased some gains.

Positive global cues also pushed the markets higher since opening trade. European markets were trading 0.8-1.5% higher and US index futures were up 0.3% each.

Asian markets were quite supportive since initial trade; Nikkei rose 2.7%. Hang Seng, Straits Times and Kospi gained 1.3-1.65%. Shanghai and Taiwan markets were shut today. The US markets rose 1.7% on Tuesday, as banking stocks rallied post better-than-expected numbers for 2009 from Barclays.

Bharti Airtel bounced back after falling over 13% in last three days. The stock gained 2.8% in trade today. Sources told CNBC-TV18 that equity dilution by Bharti for Zain funding is unlikely and borrowing may be USD 6 billion. Among the other telecom stocks, Reliance Communications was up 1.8% while Idea Cellular fell 0.85%.

Tata Steel was the top gainer post its consolidated third quarter numbers of FY10. It reported a net profit of Rs 472 crore as against Rs 814 crore in Q3FY09. It was better-than-expectations; a Reuter's poll of brokerages had forecast a net profit of Rs 175 crore. The stock jumped over 6%.