The market, which suffered a setback of sorts before the release of the GDP data around mid morning, has rallied sharply past noon thanks to some hectic buying in several front line stocks from across various sectors.
Metal, power, oil and PSU stocks are among the most impressive gainers. Bank and capital goods stocks too are mostly trading in positive territory with notable gains. Automobile, realty and healthcare stocks are trading mixed.
Information technology stocks are slightly off their morning lows, while FMCG stocks are a bit subdued amid lackluster moves. Several stocks from midcap and smallcap sections have posted impressive gains.
The Sensex, which rose to 19,345.56, is now up 160.66 points or 0.84% at 19,331.57. The Nifty index of the National Stock Exchange is up 43 points or 0.73% at 5868.
Among the stocks in the Metal index, Sterlite Industries, Tata Steel, Sesa Goa, Hindalco, Jindal Steel & Power, NMDC and SAIL are up 2% - 3.3%. Bhushan Steel, Hindustan Zinc and JSW Steel are also trading notably higher.
Oil sector heavyweights ONGC and Reliance Industries are up 3.3% and 1%, respectively. BPCL, GAIL India, Gujarat State Petronet and Oil India are also trading firm.
Among the stocks in the Power index, Suzlon Energy tops the table with a gain of over 8%. GMR Inrastructure is up 5.5%, BHEL is trading higher by over 4%, Adani Power is up with a gain of 3.5% and Torrent Power is up 2.7%, while Crompton Greaves, JSW Energy, NHPC, Reliance Infrastructure, Siemens and Thermax are up 0.8% - 1.6%.
State Bank of India, up 2.5%, is contributing significantly to the market's upmove. ICICI Bank is trading 1.8% up. HDFC has gained a little over 2%. Hero Motocorp, Tata Motors, Mahindra & Mahindra, Cipla, NTPC, Wipro, GAIL India, Tata Power and Bharti Airtel are also trading firm.
Lanco Infratech and GMR Infrastructure are up 6.8% and 6%, respectively. Canara Bank, IDFC, Indiabulls Financial Services, Opto Circuits, Allahabad Bank, Oriental Bank of Commerce, Syndicate Bank, Union Bank of India, United Phosphorus, IDBI Bank, Reliance Capital, Jain Irrigation Systems and JSW Energy have also risen sharply.
According to the data released by the government this morning, the Indian economy grew by a lower than expected 5.3% in the July-September period of the current financial year, due largely to poor performance of manufacturing and agriculture sectors.
The gross domestic product had expanded by 6.7% in the same period of last fiscal. In the first quarter of this fiscal it had grown 5.5%.
During the July-September quarter, the manufacturing sector grew marginally by 0.8%, against 2.9% growth in the same period of 2011-12. Farm sector output expanded by just 1.2% in the July-September period this fiscal against 3.1% in the same period last year.
Mining and quarrying sector recorded a growth of 1.9% during the quarter, as against a contraction of 5.4% in the second quarter of 2011-12.