Nifty surges above 3000; metal, power, oil stocks gain

The markets went up higher in early trade, following positive global cues and have continued their upsurge further. Asian markets surged too following China's USD 586 billion economic stimulus package. Yen depreciated to 99.1/$, which was a factor for the Nikkei gaining 5%. SGX Nifty is also suggesting that markets would trade in positive terrain.

Metal, realty, oil, capital goods, power and telecom stocks are on buyers' radar.

At 9:56 am, the Sensex rose 176 points to 10,141 and the Nifty gained 52 points at 3,024. CNX Midcap 100 surged 1.36% to 3,770.

Ambuja Cements, Unitech, Reliance Industries, Idea, Sterlite, Cairn India, Suzlon Energy, ICICI Bank, SAIL, Tata Steel, Hindalco, Nalco, Satyam Computer, BHEL, ABB, DLF, ONGC, Bharti Airtel and Ranbaxy Labs are gainers.

Asian markets are trading higher. Shanghai and Nikkei jumped nearly 5%. Hang Seng rose 2.7%. Kospi and Jakarta went up around 1%. However, Taiwan and Straits Times fell marginally.

The US markets bounced back on Friday, after a two-day slump despite another round of weak economic and earnings data on speculation that the Federal Reserve will lower interest rates, after traders shrugged off a bigger than expected loss in jobs. The Dow gained 248.02 points, or 2.85%, to 8,943.81. The S&P 500 index advanced 26.11 points, or 2.89%, to 930.99, and the Nasdaq composite index added 38.70 pints, or 2.41%, to 1,647.40.

Market cues:

FIIs net sell Rs 414 crore in the cash market

MFs net sell Rs 120.5 crore in the cash market

NSE F&O Open Int up by Rs 3,282 crore at Rs 48,686 crore

F&O cues:

Stock Futures add 3.5 crore shares in Open Int

Futures Open Int up by Rs 1,690 crore, Options Open Int up by Rs 1,592 crore

Nifty Futures add 13.6 lakh shares in Open Int, at 13-pt premium

Nifty Open Int Put-Call ratio at 1.15 versus 1.14

Nifty Puts add 29 lakh, Calls add 22.2 lakh shares in Open Int

Nifty 2500 Put adds 11 lakh shares in Open Int

Nifty 3400 Call adds 7.4 lakh shares in Open Int

Nifty 3000 Call adds 4.4 lakh shares in Open Int