Sensex, Nifty trade higher on global rally

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Sensex, Nifty trade higher on global rally
The Sensex and the Nifty were trading higher on the back of gains across major markets in Asia. The Sensex was trading higher by 147 points, while the Nifty was trading higher 41 points.

Among the top gainers in trade from the Nifty were the hammered down PSU banking space with saw a smart rally. Among the stocks that gained from the space were State Bank, Bank of India, Bank of Baroda and Punjab National Bank. Other Nifty gainers were ACC, Tata Power and Reliance Infra.

The oil and gas space which saw some selling pressure on Wednesday rebounded with gains in ONGC and Reliance. Mahindra and Mahindra was trading up after the company increased prices of its vehicles. Piramal Enterprises was trading higher after the firm said that it will pick a stake in Shriram capital. Crompton Graves was also among the early gainers after the company announced a buyback of shares.

IT stocks were subdued as the rupee strengthened against the dollar. Realty stocks were back in the limelight with notable gainers from the space being Oberoi Realty and Sobha Developers.

Meanwhile, most of Asia was trading in the green with the Shanghai Composite, Hong Kong's Hang Sang and the Jakarta Composite trading with gains of more then 1 per cent.

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