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Sensex surges 246 pts, Nifty above 10,200

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Mumbai: Benchmark Sensex surged 246 points in late morning trade on widespread buying in metal, telecom, auto, realty and financial sectors amid firm Asian cues. The 30-share index was trading higher by 246.04 points or0.75 percent at 33,195.25 at 1100 hrs. The broader Nifty too was trading above the key 10,200-level, up by 81.65 points or 0.80 percent at 10,248.35.

Major gainers were Maruti 2.27 percent, Bharti Airtel2.09 per cent, Tata Motors 2.03 percent, Tata Steel 1.96 percent and ONGC 1.72 percent. Foreign portfolio investors (FPIs) sold shares worth net Rs 1,075.62 crore yesterday, while domestic institutional investors (DIIs) bought to the tune of Rs 926.68 crore. Asian markets were trading higher following a broad-based rally in US equities. US stocks closed higher yesterday, with the S&P 500snapping a four-session losing streak on the back of gains in technology, industrials, and materials sectors.