Strength in metals and select bluechip stocks pushed the key benchmark index to a 22-month closing high on Tuesday.

The Sensex rose 127 points to 17,686 and the Nifty advanced 0.8 per cent to 5,277.

Metal stocks rose sharply today, driven by higher global commodities prices. The BSE metal index soared 3.8 per cent. Nalco zoomed nearly 15 per cent to Rs 505 and JSW Steel gained 10.8 per cent.

Realty stocks also gained today. The realty index on the BSE rose 1.1 per cent. Kolte-Patil Developers surged 6.7 per cent and Parsvnath Developers closed up 5 per cent.

In the Sensex pack, Hindalco was the biggest gainer. The stock shot up 7.4 per cent to Rs 175. JP Associates rose 5.8 per cent and Sterlite Ind was up 4.5 per cent.

Maruti Suzuki, however, fell 2.2 per cent to finish at Rs 1,515. Tata Motors also dropped 2 per cent. ACC and NTPC also shed over 1 per cent each.

Asian stock markets gained more ground on Tuesday, following Wall Street’s advance as an upbeat US manufacturing report buoyed investor confidence in a global recovery. European shares slipped in early trade.

Most major Asian markets were higher for a second straight session, while the dollar fell against the yen and the euro. Crude oil prices closed in on $82 a barrel.

Tokyo’s Nikkei 225 stock average added 27.04 points, or 0.3 percent, to 10,681.83, its advance curtailed in the afternoon session on selling of exporters as the yen climbed again the dollar.

Hong Kong’s Hang Seng jumped 456.30, or 2.1 percent, to 22,279.58.

Elsewhere, Shanghai’s main stock measure climbed 1.2 percent to 3,282.18 after falling the day before. Australia’s market was up 1 percent, helped by stronger commodity prices.

The dispute between the estranged Ambani brothers in the Supreme Court was a showstopper on Tuesday.
Younger brother Anil Ambani, chairman, ADA Group, turned up for the hearings and sat through more than four hours of it. He also had a message for the court and he was trying to appeal for his shareholders.
The younger Ambani was the surprise element on the 16th day of the hearing at the apex court, where his company Reliance Natural Resources (RNRL) is fighting a fierce battle with his elder brother Mukesh Ambani’s Reliance Industries (RIL).

Anil issued a statement saying, “My presence in the Hon’ble Supreme Court today reflects my deepest regard and respect for our judiciary. I have come here today not just on my own behalf but on behalf of the nearly 11 million shareholders of the Reliance ADA Group.”

Meanwhile, Ram Jethmalani, RNRL cousel said that Anil came to court on his instructions to help him understand the family MoU.
Inside the courtroom Jethmalani once again sought to cross-examine RIL officials.
Nothing is private about the Ambani family MoU since it’s a corporate document, which the Bombay High Court held binding.
He also gave a new twist by saying that price, quantity and tenure of gas supply is not in dispute.
But RIL’s denial for a bankable agreement for the Dadri power plant is in dispute and he didn’t forget to mention that RIL purposely created dispute with NTPC just a day before signing the family MoU on June 18, 2005.

In a related development, the government is expected to file another affidavit on Wednesday to safeguard NTPC’s interest in the gas supply dispute.
On the 16th day of the gas dispute in Supreme Court, RNRL counsel discussed the family MoU and alleged that Mukesh Ambani was part of the sinister plan of not supplying gas to younger brother’s proposed Dadri power plant.
Now, when the government files the affidavit to safeguard NTPC’s interest, probably then more of such argument against the government will be heard.