Thursday, the Indian market bounced back sharply, buoyed by strong global cues, after a private sector reading on the U.S. labor market signaled that labor market conditions may be stabilizing. Additionally, leaked reports about U.S. bank stress results eased concerns about the health of the financial sector.

The BSE Sensex opened higher at 12,065 and rose further to 12,144 in early trading. The index has pared some of its gains since then and is now trading at 12,102, up 149 points or 1.25% over the previous close. The S&P CNX Nifty is trading at 3,673, up 1.31%.

Second-line stocks are outperforming the benchmarks. The broad-based BSE 500 index is up 1.35%, the small-cap index is moving up 1.64% and the mid-cap index is adding a little more than 2%. On the BSE, the market breadth is extremely positive, with 1278 advancers compared to 431 stocks that are declining.

Stocks across the sectors, with the exception of IT stocks, are trading in positive terrain. Metal, consumer durable, oil/gas, capital goods and banking stocks are leading the gainers.

Among the top gainers, Sterlite Industries is rising 5.32%, Hindalco is gaining 3.96%, Reliance Communication is adding 3.28% and Reliance Infrastructure is up 3.03%.

Tata Motors, Tata Steel, State Bank of India, Bharti Airtel, Ranbaxy, Reliance and Larsen & Toubro are also trading sharply higher.

However, Mahindra & Mahindra is losing 1.77%, ACC is declining 1.29%, Infosys is down 1.28% and Sun Pharma is moving down 0.64%. Wipro, NTPC, DLF, ITC and Maruti Suzuki are also trading in the red.

Avery India is surging up 18% after its U.K. promoter proposed to de-list the stock from the stock exchanges in accordance with the provisions of the SEBI guidelines. Bhushan Steel is up nearly 3% after it bought a 0.39% stake in Orissa Sponge. Orissa Sponge is also trading up 1.81%.

Tata Motors is rising 3.16% on the news that the U.K. government is continuing talks with the company and banks on providing aid to its U.K. Jaguar Land Rover unit. Tata Communication is up 0.25% after it tied up with Russian telecom company RTComm to provide joint data services between carriers in Russia and the rest of the world.

Ranbaxy Laboratories is gaining 2.69% after its German unit Basics GmbH inked a discount agreement with Germany's biggest health insurance group AOK Baden-Wurttemberg to provide generic medicines in Germany.

Godrej Industries is jumping more than 10% to Rs.98.45 on making a public announcement related to a buyback offer of its own shares at a price not exceeding Rs.275 per share.

Oil explorer Reliance Industries is rising 1.95%, ONGC is gaining 1.48% and Cairn India is climbing 5.09% after crude oil price hit a five-month closing high on Wednesday. However, state-owned oil-marketing companies HPCL and BPCL are trading in the red.

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