Local equity markets have gained further ground and are trading near their day's high at this point of time as buying gained momentum after the crude and commodity prices staged sharp decline on poor economic data from the US and Europe. On the global front, rest of the Asian markets with an exception of Shanghai Composite, which was up by 0.07% were trading in the red; while US index futures were showing an up-tick in screen trade. Back home, the BSE Sensex and the NSE Nifty both are trading comfortably above their crucial psychological levels of 18,400 and 5,500, respectively. Stocks from the banking, auto, capital goods, information technology and realty counters are leading the pack of gainers. However, stocks from the metal and fast moving consumer goods segments are facing some profit booking. Broader indices too are showing some strength and the BSE Mid cap and Small cap indices advanced 0.53% and 0.70%, respectively. The market breadth on the BSE was positive; the gainers outpaced the losers in a ratio of 1528:891 while 82 shares remained unchanged. Meanwhile, the shares of only listed Microfinance Company -- SKS Microfinance fell to an all time low at Rs 355.80, down by 57.45 points or 13.90%, ahead of its fourth quarter earnings. The stock came under pressure after a downgrade from a brokerage firm which has cut its share price target by more than half, citing weakening of its business model.
The BSE Sensex climbed 209.49 points or 1.15% at 18,420.07. The index has touched a high of 18,480.93 and a low of 18,281.50, respectively.
The BSE Mid cap and Small cap indices advanced 0.53% and 0.70%, respectively.
The top gainers on the BSE sectoral space were Bankex up 2.54%, Auto up 2.10%, Capital Goods (CG) up 1.45%, Information Technology (IT) up 1.24% and Realty up 1%; while Metal down 0.32% and FMCG down 0.28% were the only losers in the BSE sectoral space.
The top gainers on the Sensex were ICICI Bank up 4.15%, Tata Motors up 3.24%, M&M up 2.99%, DLF up 2.46% and BHEL up 2.19%.
On the flip side, Reliance Infra down 3.08%, Bharti Airtel down 2.21%, RCom down 2.13%, Sterlite Inds down 2.03% and Hindalco Inds down 1.02% were the major losers on the index.
After evaluating the progress of various captive coal blocks, government has decided to revoke the allotment of 14 Coal blocks and 1 lignite captive coal block for slow implementation or non-implementation of mining projects. The Coal Ministry had issued show cause notices to 84 coal block allocatees and 4 lignite block allocattees last year for not developing the same within stipulated time and sought explanation as to why blocks should not be cancelled.
According to an official statement, the coal ministry panel under the Chairmanship of Special Secretary (Coal), based on the responses of the allocattees, recommended de-allocation of two coal blocks allotted to private companies, 12 coal blocks allotted to Government companies, five of which were allotted to state-run National Thermal Power Corporation (NTPC) and one lignite block allotted to a private company.
The five blocks that were earlier awarded to NTPC and stand deallocated as of now include Chatti Bariatu, Chatti Bariatu (S), Kerandari, Brahmani and Chichiro Patsimal. The committee has recommended no action against 20 coal blocks falling under 'No-Go-Area'/wild life corridor area as classified by the Ministry of Forest and Environment.
The blocks recommended for de-allocation with regards to government companies other than NTPC are -Gondulpara of Tenughat Vidyut Nigam Limited/Damodar Valley Corporation; Saria Khoyatand of Bihar Rajya Khanij Bikas Nigam Limited; Banhardih of Jharkhand State Electricity Board; Anesatta-palli, Punukula Chilka and Pengadappa of APGENCO and Saharpur jamar-pani of Damodar Valley Corporation. Two blocks allotted to private companies recommended for deallocation are Bhandak West of Shree Baidyanath Ayurved Limited and Warora West (N) of Bhatia International Limited. The Lignite block recommended for deallocation is Lunsara block allocated to V S Lignite.
The Committee has also recommended deduction of bank guarantee in case of 15 allocattees (private companies) for failing to achieve commencement of production as per the letter of allotment. The Committee has also recommended issue of warning to 29 coal block allocattees and three lignite block allocattees for bringing their blocks into production at the earliest.
The S&P CNX Nifty jumped 54 points or 0.99% at 5513.85. The index has touched a high and a low of 5535.50 and 5477.55, respectively.
The top gainers of the Nifty were ICICI Bank up 3.81%, Tata Motors up 3.21%, M&M up 2.97%, BPCL up 2.88% and Ambuja Cement up 2.78%.
On the flip side, Reliance Infra down 3.30%, Bharti Airtel down 2.31%, RCom down 2.25%, Reliance Capital down 2.01% and Sterlite Inds down 1.91% were the major losers on the index.
Rest of the Asian markets with an exception of Shanghai Composite, which was up by 0.07% were trading in the red at this point of time. Hang Seng slipped 0.37%, Jakarta Composite declined 0.40%, KLSE Composite dipped 0.47%, Nikkei 225 tumbled 1.37%, Straits Times dropped 0.41%, Seoul Composite plunged 1.23% and Taiwan Weighted slumped 0.46% 
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