MUMBAI: Equities were witnessing sustained buying activity across the board in line with other global markets. Metals, realty and capital goods were outperforming other sectoral indices.

“Indian markets could open higher today following positive global cues but later could face resistance at higher levels. Crucial support on Nifty is at 4,766 levels, while resistance is at 4,944 levels. Realty, IT and Oil & Gas sectors could underperform today,” said HDFC Securities report

At 11:06 am, National Stock Exchange’s Nifty was at 4919.70, up 89.60 points or 1.86 per cent. The index touched an intraday high of 4929.35 and low of 4831.

Bombay Stock Exchange’s Sensex was at 16486.99, up 323.55 points or 2 per cent. The 30-share index hit a high of 16491.32 and low of 16210.25.

BSE Midcap Index was up 1.45 per cent and BSE Smallcap Index moved 1.60 per cent.

“Nifty has breached all major support levels and chances of sustained positive momentum remain extremely low till Nifty does not breach 4960 mark. Support on the lower side remain at 4800 first and then around levels of 4540. We still advise investors to limit their exposure to front line counters and wait for Nifty to cross and close above 4960 mark.

For today’s trade, key support for the day remains at 4810-4800 levels. Hurdle is seen around 4860-4870 range on higher side. Breach above or below above mentioned range may provide fresh trading opportunity,” said Reliance Money report.

Amongst the sectoral indices, BSE Metal Index moved 3.17 per cent higher, BSE Realty Index gained 2.36 per cent and BSE Capital Goods Index moved 1.99 per cent higher.

Sterlite Industries (5.04%), HDFC (2.93%), Tata Steel (2.85%), L&T (2.64%) and Hindalco Industries (2.55%) were amongst the top Nifty gainers.

Hindustan Unilever (-0.40%), IDEA (-0.25%) and Maruti (-0.19%) were amongst the top Nifty losers.

Market breadth was negative on the BSE with 1891 losers against 612 gainers.

The US stocks gained on Tuesday, helped by encouraging earnings, and as a rise in pending home sales helped calm fears of weakness in the housing market.

The Dow Jones industrial average shot up 106.78 points, or 1.05 percent, to 10,292.31. The Standard & Poor's 500 Index gained 13.10 points, or 1.20 percent, to 1,102.28. The Nasdaq Composite Index rose 17.42 points, or 0.80 percent, to 2,188.62.

Asian counters also advanced for a second straight day Wednesday on encouraging US home sales data and rise in commodity prices. The Nikkei climbed 0.31 per cent, Hang Seng rose 1.29 per cent and Straits Times climbed 0.97 per cent.