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Markets continue to maintain momentum
January, 17th 2012

Markets continue to maintain momentum in early trades tracking firm Asian cues. China's gross domestic product for the Oct-Dec quarter, although at a 2.5-year low, was better than expected.

Hang Seng is up 1.8%. Kospi, Shanghai (fourth quarter GDP came in at 8.9%) and Taiwan are up 1-1.5%. Straits Times and Nikkei have gained 0.75% each.

Back home, the Sensex and Nifty have gaining by nearly 1% each. At 9:45, the Sensex was up 191 points at 16,380 and the Nifty gained 60 points to 4,933.

On the sectoral front, BSE Auto, Capital Goods and Metal indices have zoomed by nearly 2% each. All the major BSE sectoral indices are trading in green zone.

Tata Motors is the top Sensex gainers, up 3% after reporting 27% year-on-year (y-o-y) growth in its global sales to 114,920 vehicles in December 2011, driven by strong sales of passenger cars and luxury Jaguar Land Rover (JLR) brand. Other Auto shares like Maruti Suzuk, M&M, Hero MotoCorp have gained by nearly 2% each.

Bank shares are up on hopes of a rate cut by RBI after December headline inflation fell to a 2-year low 7.47%. HDFC Bank, ICICI Bank and SBI were all up 1% each.

Among other index heavyweights, RIL, L&T, Bharti Airtel have gained between 1 and 2%.

In the broader markets, the small cap and the midcap indices are up 0.8% each in the opening trades.

Everonn Education has rallied 5% - saw first bounce in last five sessions. Hindustan Motors was up 4%.

Kingfisher Airlines and Jet Airways have gained 2% ahead of meeting for FDI in aviation today.

ING Vysya Bank is up 3% post better than expected numbers in December ended quarter. Zee News jumped 2.5% ahead of third quarter numbers.

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