Markets are glued to gains in noon deals. The Sensex is up 140 points at 16,945 and the Nifty has advanced 44 points to 5,083. The markets had opened on a flat note, but soon gained ground on the back of buying in IT, FMCG and auto stocks.

According to Somil Mehta, senior technical research analyst (Strategies), Sharekhan, "The short-term bias has turned negative and the possibility of Nifty topping 5,200 is very low. The resistances are at 5,120 and 5,230 and supports are at 5,000 and 4,900."

J P Associates is the top gainer among the Sensex stocks, up 2.3% to Rs 70. Hindalco has jumped 2.2% to Rs 139. Tata Power, Wipro, Infosys, SBI, Sterlite Industries, Tata Steel, ONGC, ITC and HDFC are also trading higher by 1-2% each.

On the other hand, Coal India, Bharti Airtel, NTPC, Cipla, Sun Pharma and ICICI Bank are among the notable losers.

Among individual stocks, UltraTech Cement is trading higher by 3% at Rs 1,221, extending its 4% gain in the past three trading sessions, after reporting 16% year-on-year growth in dispatches to 3.09 million for November 2011.

Parenteral Drugs (India) has zoomed 17% to Rs 129, extending its 44% rally of the past two trading sessions, on the back of huge volumes.

Future Capital Holdings has rallied 9% to Rs 147 on reports that its promoter, Pantaloon Retail, will sell its stake in the company to Deccan Chronicle Holdings for Rs 600-700 crore.

IT stocks are on the buzzer today. BSE IT index is the top gainer on the sectoral front, up 1.3% or 77 points at 5,803. FMCG index has also jumped 47 points to 4,130. Auto, Oil & Gas, Bankex, Metal and Realty indices have also added 0.5-1.2% each.

At the same time, BSE Healthcare, Consumer Durables and PSU indices are trading in the red.

HCL Tech is the top gainer from the IT space, up 3% to Rs 420. Financial Technologies, Mphasis and TCS have also advanced in trades thus far. From the FMCG sector, United Spirits is the top gainer, up 2.2% at Rs 739. It is followed by United Breweries, Colgate Palmolive, ITC, Dabur India and Hindustan Unilever.

The broader markets are trading on a flat note. BSE mid-cap and small-cap indices have 0.4% each in intra-day deals thus far.

The overall market breadth is positive as 1,403 stocks are advancing while 1,126 are declining.