Sensex up by 223 pts

Mumbai: The BSE benchmark Sensex surged by nearly 223 points in the early trade on expectations of decent to strong Q4 March 2011 results following reports of higher advance tax payments, as well as firming Asian markets.

Index heavyweight Reliance Industries (RIL) gained 1.37 per cent on reports of higher advance tax payment in Q4 March 2011 whereas FMCG giant Hindustan Lever fell on lower advance tax payment. Metal stocks rose after base metal prices rebound in London and China.

Among the Sensex pack, Reliance Communications (up 1.69 per cent), Jaiprakash Associates (up 1.63 per cent), and ICICI Bank (up 1.59 per cent), edged the highest.

Metal stocks rose after base metal prices rebound in London and China. India`s largest non-ferrous metals firm by net sales Sterlite Industries advanced by 2 per cent to Rs 160.80 a share and was the top gainer in the Sensex pack.

The BSE benchmark Sensex jumped by 222.81 points or 1.23 per cent to 18,390.45 at 1015hrs from its last close. The NSE 50-share Nifty also moved up by 66.45 points or 1.22 per cent to 5,516.10 level.

Japanese market, too, revived to an extent, recouping some of the hefty losses suffered in the previous two sessions in the wake of a nuclear crisis following the tsunami and a massive earthquake that wreaked havoc in the country.

It drew some support from the Bank of Japan`s efforts to infuse fresh bout of liquidity into the markets. The Nikkei 225 average was up by 4.43 per cent.