Sensex up 72 points; Oil stocks post smart gains

Trading got off to a positive start on the Indian bourses this morning with investors picking up stocks, tracking cues from Asian markets.

Oil stocks are trading firm, with investors going long amid expectations of a hike in fuel prices.

Power, PSU, metal, information technology, capital goods and healthcare stocks are also finding good support. Select stocks from automobile and realty sectors too are up in positive territory with notable gains. FMCG and bank stocks are a bit subdued.

The BSE benchmark Sensex is up 72 points or 0.37% at 19,395.80, after surging to 19,427.79. The Nifty index of the National Stock Exchange is up 25 points or 0.41% at 5895.

Hindalco and ONGC are trading stronger by over 2%. Sterlite Industries, Reliance Industries, NTPC, Hero Motocorp, GAIL India, Cipla, Infosys, Maruti Suzuki and BHEL are up 1% - 1.6%.

Tata Power, Wipro, Mahindra & Mahindra, Larsen & Toubro, HDFC, Hindustan Unilever, Dr Reddy's Laboratories and Coal India are up with modest gains.

BPCL is up nearly 5% at Rs 361. Hindustan Petroleum Corporation is up 3.3% at Rs 290 and Indian Oil Corporation is trading higher by nearly 3% at Rs 268.80

IDFC, Ambuja Cements, Reliance Infrastructure, Power Grid Corporation, Punjab National Bank, Asian Paints, Ranbaxy Laboratories, HCL Technologies, Cairn India, Grasim Industries, Sesa Goa, ACC and Bank of Baroda are up with sharp to moderate gains.

Suzlon Energy is up more than 6% on strong volumes. On the National Stock Exchange, nearly 16 million shares have been traded so far at the Suzlon Energy counter this morning.

PC Jeweller, which made a strong debut on Thursday, is up 2.7% at 153 on fairly impressive volumes. United Spirits and Karnataka Bank have also moved higher on huge volumes.

Bharti Airtel, State Bank of India, Axis Bank, HDFC Bank, ICICI Bank, ITC and DLF are trading weak.