NSE Nifty gained further and has managed to gain 91 points compared to previous close. BSE Sensex gained 303 points.

Reliance Infra was major gainer with stock trading Rs 34 higher at Rs 566. The stock touched an intraday high of Rs 571.7 on BSE. Other gainers included HDFC, Reliance Communications, SBI, ITC, NTPC, L&T, Sterlite and ONGC.

Jim Walker of Asianomics feels that India will outperform. However, Jim expects Indian GDP to remain in range 3-5%. Jim also expects that there may be further sell off in Indian markets. The valuations will become attractive and will offer decent returns.

Tata Power touched an intraday high of Rs 705. The stock however declined from day’s high and was trading at 695.

Among Technology Stocks, Wipro was leading with over 5% gains. Infosys Technologies and Satyam were marginally higher.

Merill Lynch has suggested Neutral rating for Bajaj Auto (target Rs 360) and buy for Hero Honda (target Rs 902).

For Reliance Industries, UBS has suggested BUY rating with a target of Rs 2000 while JP Morgan has kept OVERWEIGHT rating for the stock with a target of Rs 1750.

Indian markets may close higher on Monday. Asian markets are trading strong as well. Shanghai Composite was trading 60 points higher while Nikkei 225 was 411 points higher. Straits Times was marginally higher while Taiwan Stock Index was up by nearly 4.5 percent.