Domestic markets ended the session on Wednesday logging handsome gains as investors chose to go for value buying with economic indicators perking up and global equities showing reliability over the past couple of days. The Nifty regaining the 5,000 level after 13 long sessions and vacuity in losers' score-sheet on the Sensex turned out to be the highlight of the session. Comments from government that the growth of industrial production in the current financial year was likely to be faster than previous fiscal also boosted sentiments in the market. The day typified by all-round buying saw metal, software and technology shares exhibit a commendable performance. Interestingly, consumer durables that showed little gusto until afternoon, pulled through splendidly in late hours to be among toppers in the sectoral space. While traders were on the go at higher levels, they did not play down their activity at second-line counters and that kept the score-board ticking on broader indices. Finally, the 30-share BSE Sensex gained 409.04 points or 2.49% to end at 16,849.60, while the S&P CNX Nifty rose 122.35 points or 2.5% to settle at 5003.95.

The US markets closed with modest gains on Wednesday, just one day after a cautious mood the investors drew encouragement from a 16.1% jump in industrial production in China, also the dollar declined further after the Federal Reserve officials signaled that borrowing rates would remain low, helping the gold and oil prices to rise high. The Dow Jone Industrial Average was up by 44.29 points, or 0.43%, to 10,291.26.The broader Standard & Poor's 500 index rose 5.50 points, or 0.50%, to 1,098.51 and topped 1,100 for the first time since last year while the Nasdaq composite index closed higher by 15.82 points, or 0.74%, to 2,166.90.

Crude prices inched higher on Wednesday, encouraged by the news of sharp rise in China's industrial output and retail sales, also the exports of the country fell by the smallest amount in 10 months. The other supporting factor was the Organization of Petroleum Exporting Countries (OPEC) revising its previous estimates for global oil demand growth to 750,000 barrels per day, up 50,000 barrels a day from last month's estimate. Benchmark crude for December delivery added 23 cents to settle at $79.28 a barrel on the New York Mercantile Exchange. In London, Brent crude for December delivery rose 45 cents to settle at $77.95 on the ICE Futures exchange.

The Indian rupee rose once again on Wednesday after a brief consolidation stint. The currency was in a bit somber mood at the beginning but as soon as the stock markets started rising high, it followed the trend in expectation of more fund inflow. On the same time the dollar returned to its declining spree and hit a fresh 15-month low. The rupee closed at 46.32, 18 paise stronger compared to its Tuesday's close of 46.48/49.

The FII on Tuesday were the net buyers in the equity segment with gross buying of Rs 2280.20 crore against gross sell of Rs 1631.00 crore, while in the debt segment they were the net sellers with a gross purchase of Rs 469.70 crore against gross sales of Rs 2272.30 crore.

The US markets closed with gains on Wednesday, encouraged by economic rebound news from China, signaling strengthening global economy. The whole Asian pack has made an opening of green though some indices have started loosing their early grip. The domestic markets went for a rally in previous trading and the global cues are indicating for a flat start for the markets today. After the consecutive rally, profit booking too can be expected in the late trades.

Support and Resistance: S&P CNX Nifty and BSE Sensex

                                                             Nifty Top volumes

• Suzlon Energy has signed a memorandum of understanding with the Maldives for a 25MW wind farm to be built at a cost of $40m.
• As per industry sources, Bharti Airtel has added 2.7 million users in the month of October.
• Steel Authority of India (SAIL) is likely to reduce prices of flat steel products sold in the spot market by Rs 500/tonne next month
• Axis Bank is going to organise the Home for All Expo at major locations across the country.
• BHEL has bagged a Rs 91 crore order from UK-based Power Engineers Contracting company to supply gas turbine generating unit for its Nasiryah power project in Iraq.

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