Strong rally across global markets have helped the domestic indices to snap their losing trend and rally ahead in early trades. Asian markets are trading with significant gains, led by Japan which has added more than 2 per cent, following the major up move in US indices yesterday.

Sensex opened at 12299 and saw a high of 12392. The index is trading higher by 176 points at 12380 at 11.10 AM.

Nifty opened at 3516 and touched a high of 3569. The index is now trading higher by 53 points at 3568.

Banking and financial stocks are leading the pull back today. HDFC Bank is the best performer among index stocks, trading more than 4.5 per cent higher. OBC has added close to 3 per cent.

SBI has added more than 1.5 per cent while PNB is trading close to 1.5 per cent higher. ICICI Bank has added well over a per cent.

Tata Steel has added close to 2 per cent on unconfirmed reports of a possible $10.5 billion bid on European steel giant Corus

HPCL is continuing the up trend from yesterday and has added another 2.5 per cent.

Jet Airways is maintaining the up trend on lower crude oil prices and has gained close to 2 per cent.

M&M is continuing the rally with gains of over 2 per cent.

Reliance Communications has recovered from yesterday's fall and has added nearly 2.5 per cent.

Tata Power has also recovered and has gained close to 2 per cent. Reliance Energy has gained nearly 1.5 per cent.

Infosys is the best performer among tech stocks, enthused by the strong rally in NASDAQ yesterday. Satyam, TCS and Wipro have all added close to 2 per cent each.

L&T has added close to 2 per cent. Siemens has gained close to 1.5 per cent and BHEL is up over a per cent.

Among index heavies, ONGC has rallied more than a per cent while Reliance Industries has added close to a per cent.

Cipla is the other major gainer, having added nearly 2 per cent.

There are no losers among Nifty stocks.

Mid-caps and small caps have also bounced back strongly and are outperforming the large caps by a modest margin. Buying momentum is back in most of the frontline mid-caps after yesterday's correction.

The NSE mid-cap index is now trading with gains of over 1.4 per cent. BSE mid-cap index has added close to 1.65 per cent and the small-cap index has gained over 1.5 per cent. Market breadth on the NSE is extremely positive with more than 9 stocks advancing for every declining stock.

Eurotex Industries, Khandwala Securities, SPIC, Tube Investments, GM Breweries, GTN Industries, Alstom Projects, Action Construction and Aztec Software are among the major mid-cap gainers.

Rama Newsprint has finally corrected after the sustained rally over the last 7 sessions. The stock is down nearly 5 per cent.

Pudumjee Agro, Yokogawa, Cinevistas, Sandesh, Softpro, IFB Industries and TVS Electronics are the major mid-cap losers.