The Indian stock market, which opened on a bright note this morning following the U.S. lawmakers reaching an agreement on Monday to avert the fiscal cliff, remains firmly entrenched in positive territory now thanks to sustained buying in several blue chip stocks from across various sectors.
The BSE benchmark Sensex, which rose to 19,588.46, is currently at 19,565, up 138.29 points or 0.73% from its previous closing mark. The Nifty index of the National Stock Exchange is up 43 points or 0.73% at 5908.10.
Realty stocks, which had a good spell in positive territory on Monday, are in demand once again, amid expectations of a rate cut. Mirroring strong gains posted by key stocks in the realty space, the BSE Realty index has spurted 1.7% now.
Metal, consumer durables, capital goods and bank stocks are mostly trading firm. Select power, PSU, automobile, FMCG, healthcare and oil stocks are up with notable gains. Information technology stocks are slightly subdued.
Reliance Infrastructure is trading stronger by over 3%. IDFC, Hindalco, Jaiprakash Associates, Jindal Steel & Power, State Bank of India, Punjab National Bank and Larsen & Toubro are all trading higher by 1.5% - 2%.
Bharti Airtel, Tata Steel, Maruti Suzuki, Coal India, Sesa Goa, HDFC, Ambuja Cements, Bank of Baroda, BHEL, Tata Power and Sun Pharmaceutical Industries are also up with notable gains.
Dr Reddy's Laboratories, Wipro, ONGC, Asian Paints, Hero Motocorp and BPCL are down in negative territory with modest losses.
United Spirits (2.6%), Unitech (3.7%), Reliance Capital (1.5%) and Pantaloon Retail (1%) have surged higher on impressive volumes.
SpiceJet moved up by over 2% in early trades this morning following an announcement from the company that it has raised around Rs 127 crore by issuing compulsory covertible debentures to promoter Kalanidhi Maran. The stock surge on reasonably good volumes.
Shares of Punjab & Sind Bank are trading sharply higher, gaining over 4%, following the bank's board approving raising of Rs 1000 crore through preferential allotment of equity shares.