Fresh buying in index pivotals propelled key benchmark indices to an intra-day high in mid-afternoon trade. Firm global markets also boosted sentiment on the domestic bourses today. The Bombay Stock Exchange 30-share index ended the day at 14,764.64, a smart gain of 419.02 points or 2.92 per cent from its previous close. Similarly, the National Stock Exchange’s 50-share Nifty also jumped by 133.65 points or 3.15 per cent to close at 4,375.50 from its last close. Bonanza Portfolio assistant vice-president Avinash Gupta said, “The market is expected to trade with caution in view of the Budget ahead.”

Asian markets ended higher as commodity prices jumped amid optimism that the US recession may ease after the economy shrank less than expected in the first quarter. Key indices in Hong Kong, China, Taiwan, South Korea, Singapore and Japan were up between 0.09 per cent and 1.78 per cent. European markets also opened higher as rise in crude oil and metal prices boosted commodity stocks indices in the UK, Germany and France, which moved up between 0.26 and 0.83 per cent.

Banking and financial shares soared, mirroring firm ADRs and hopes of financial sector reforms in the Union Budget 2009-10. Other major gainers were Sterlite Ind (6.11 per cent), Larsen & Toubro (5.47 per cent), Tata Consultancy Services (4.35 per cent), Infosys Tech (3.93 per cent), Rel Com (3.93 per cent), BHEL (3.20 per cent), Maruti Suzuki (3.12 per cent) and State Bank of India (2.62 per cent).

However, Sun Pharma ended sharply lower by 12.17 per cent after the US health regulator seized drugs from the Michigan facilities of Caraco, a subsidiary of the domestic pharma company. Ranbaxy Lab fell 4.37 per cent and Tata Steel 2.53 per cent. The market breadth was positive with 1,689 gainers against 937 losers on the BSE.