Sensex Jumps 242 Points to 33191, Nifty at 10243

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The National Stock Exchange's Nifty too was trading higher 57.40 points or 0.56 per cent at 10,179.20. Auto and metal shares jumped more than 1% in early morning deals, while the consumer durables rose 0.70%.

On Friday, the benchmark indices were dragged lower by growing concerns over the country's widening fiscal deficit, coupled with negative global cues and profit booking in auto, metal and oil and gas stocks. Sustained buying in the trade on Thursday trade provided cushion to the indices that eventually led to both the Sensex and Nifty wrapping up the session with gains of over 1%.

On the other hand, Coal India (0.64%), Tata Consultancy Services (0.52%), Cipla (0.50%), Wipro (0.34%), and Sun Pharmaceutical Industries (0.26%) were the biggest losers in the Sensex.

The top Nifty gainers included GAIL (+8.57%), Tech Mahindra (+5.13%) and UPL (+4.97%).

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Meanwhile, an RBI order mandating banks to lower the merchant discount rate they charge on debit cards did not affect sentiment.

European markets too saw a weak trend.

IRB Infrastructure Developers Ltd slid as much as 6.1 per cent after the company said the Central Bureau of Investigation has filed charges against it over alleged illegal purchases of government land. Participants sensed value-buying opportunities after the equities' recent lacklustre run, making stock valuations attractive, according to market participants.

Indian shares look set to extend gains from the previous session on Friday as oil dipped on a stronger dollar and Asian markets climbed for a second day running, buoyed by a weaker yen and optimism for the passage of the US tax bill through the Senate. Hong Kong's Hang Seng was up 0.10 per cent while Japan's Nikkei gained 1.27 per cent in early trade today.

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