Sensex closes 421 pts higher; Metal index up 5%

The Sensex gained 452 points intra-day trade on Tuesday, continuing a positive uptrend for the second consecutive session in the year 2012. Global cues and the rally in most beaten down sectors like capital goods, banks and metals boosted the confidence of the Indian equities.

The Sensex rose 421.44 points or 2.72%, to close at 15,939.36 led by 28 stocks. The Nifty rallied 128.55 points or 2.77%, to end at 4,765.30. 

Sudarshan Sukhani of s2analytics.com feels there may be some more headroom for the market. "Given today's momentum, it seems likely that we will cross 4800."

But that doesn't change the bearish nature of this market, he adds.

Anand Tandon, CEO of JRG Securities said it was little early to turn very bullish on the market. "I think the expectation coming into this year was almost zero if not negative."

Asian peers showed good performance today. Hang Seng, Kospi, Straits Times and Taiwan Weighted gained 1.5-2.7%. Today, European markets like Germany's DAX and Britain's FTSE rose over 1% while France's CAC fell 0.5%.