Markets are enjoying a modest bounce after Tuesday’s broad selloff. The S&P/TSX index is up 24 points at midday to 6,478.

Volume is improved today at 78.2 million shares, with the buying outweighing the selling by a margin of about five to four. Market breadth is modestly positive, with winners slightly outnumbering losers.

The market action is also split pretty evenly between sectors. Techs and telecoms are bouncing back with 2% gains, and there is also strength in banks, health care and consumer plays. Weakness persists in real estate and materials stocks. The gold sector is also seeing its recent gains unwind a bit.

The banks are driving the upside volume in trading so far today, with better-than-1% gains at both Royal Bank and Scotiabank. Bank of Montreal is up more modestly, after the Bank of Canada’s surprise decision to leave interest rates unchanged this morning. The market was surely surprised by the move, but the accompanying policy statement left little doubt that global risks rather than domestic weakness is behind the decision.

Joining the banks, there are notable gains in stocks such as BCE, up 2.4% in strong volume. EnCana is higher, as is Inco, Telus, Rogers, and Fairmont Hotels. Bombardier remains a heavy trader, although its price hasn’t moved much today.

Nortel Networks is leading a rebound in the tech space, with a 1% gain. There is also strength in GSI Lumonics and CAE.

On the downside, there’s weakness in Suncor Energy and Penn West Petroleum. Placer Dome is leading the golds down, with a 1.2% slide. There’s also selling in Barrick, Eldorado Gold and Goldcorp.

Other losers include Tesco, Martinrea, Onex, Ballard Power and Fairfax Financial.

In New York, a modest gain was evident at the open and stocks haven’t moved much since then. The Dow Jones industrial average is holding a 23 point gain at midday, sitting at 8,331. The S&P 500 has added four points to 882. The Nasdaq composite is up six ticks to 1,270.

In the small cap world, some of the unwinding in gold stocks is hurting the averages. The S&P/TSX Venture index is down six points at midday to 1,009. Volume remains on the light side at 12.7 million shares. Ascot Energy Resources is the top trader, down 5% to 40¢ on more than 1.5 million shares.