Markets end higher led by RIL

Markets closed higher on Wednesday, amid a volatile trading session, led by index heavyweight RIL and Infosys.

The 30-share Sensex ended at 17,707 up 85 points or 0.5% and the 50-share Nifty ended at 5,368 up by 33 points or 0.6%.

The Sensex and the Nifty reached an intra-day high of 17,809 levels and 5,397 mark, respectively.

On the global front, Asian markets advanced after Toyota Motor raised its profit forecast and as Greece's government edged closer to securing a bailout package.

Strait Times, Shanghai Composite Nikkei, Kospi, Hang Seng and Taiwan Index gained between 0.3-1%.

Key European share indices are trading higher with CAC, DAX and FTSE gaining between 0.2-1%.

European markets are up on hopes that Greece debt deal may get approved today.

Back home, Reliance Industries surged 1.57% at Rs 845.

The stock is close to its maximum buyback price of Rs 870 per share. The company's buyback programme commenced from February 1.

On Tuesday, Goldman Sachs upgraded RIL to buy from neutral, citing a potential lift in margins on increased refining and recovering oil demand.

Technology shares were up on upbeat economic data from the US from where software majors earn most of their revenues through exports.

Infosys, Wipro and TCS gained by almost 2% each.

On Tuesday, TCS said it has inked a multi-year, multi-million euro contract with European car rental company Europcar for deployment of IT services in France.

DLF gained by almost 3%. Realty stocks gained on expectations that the central bank will start cutting interest rates in the coming months to prop up slowing economy.

From the banking space, SBI is up by nearly 1%.

HDFC gained by nearly 2%.

However, ICICI Bank was down over 2% after nearly 15.9 million shares, representing 1.4% of ICICI Bank's equity changed hands in a block deals at a weighted average price of Rs 924.16

per share on the National Stock Exchange.

Among Metal pack, Hindalco was the top Sensex gainer, up 5%. Jindal Steel and Power gained on reports that the company plans to spend $300 million (approx Rs 1,500 crore) in developing new and existing mines in Africa. Coal India, Sterlite and Jindal Steel gained between 1-2%.

Auto majors like Hero MotoCorp and Maruti Suzuki gained by nearly 2% each.

Bharti Airtel was the top Sensex loser, down 7% after reporting lower-than-expected 22% year-on-year (y-o-y) fall in net profit at Rs 1,011 crore for the third quarter ended December 2011, as compared to Rs 1,303 crore a year earlier due to higher depreciation and amortization provision and higher tax outgo.

Among other shares, Thomas Cook (India) locked upper circuit of 20% to end at Rs 53.85 on reports that its parent Thomas Cook Group Plc plans to sell stake in its Indian arm Thomas Cook (India).

Bharat Gears has galloped 20% to end at Rs 70.70 on reporting over two-fold jump in net profit at Rs 8.20 crore for the third quarter ended December 2011 on the back of higher income.

Sugar and rice stocks rose after the government on Tuesday decided to allow the export of more sugar and non-basmati rice, and lower the floor price of basmati exports to boost farm trade.

Among sugar stocks, Balrampur Chini Mills, Bajaj Hindusthan and Shree Renuka Sugars gained by 1-4%.

Rice stocks like Kohinoor Foods, KRBL and L T Foods spurted between 3-7%.

The broader markets ended with the Mid-cap index up 1.54% and the Small-cap index up 0.92%.

The overall market breadth in BSE remains positive with 1,723 shares advancing and 1,157 shares declining.