The market has gained in strength this afternoon, with several stocks from across various sectors extending their morning gains thanks to sustained buying support.
Markets across the globe are looking ahead to US President-elect Donald Trump's news conference, due later in the day. The news conference is expected to provide some insight into the economic and trade policies of the Donald Trump government.
The Sensex is up 227.34 points or 0.85% at 27,126.90, slightly off the day's high of 27,152.91. The Nifty50 of the National Stock Exchange, which advanced to 8376.30, is now up 82.35 points or 0.99% at 9370.95.
Metal and bank stocks are hogging the limelight. Mirroring hectic buying in these stocks, the BSE Metal and Bankex indices have gained 4.13% and 2.33%, respectively. On the National Stock Exchange, the Nifty Bank index is up 2.16%, Nifty PSU Bank and Nifty Pvt Bank are up by around 2.3%. Nifty Metal index is up more than 4%.
Among the stocks in the metal space, Jindal Steel & Power is up with a hefty gain of 11.6%.
Hindalco, JSW Steel, Nalco and SAIL are up 5% - 6%. Bhushan Steel is gaining 4.7%, Coal India is up 4.6%, Tata Steel is up 3.5% and Welcorp is trading nearly 3% up. Hindustan Zinc, NMDC, Vedanta, APL Apollo Tubes and Orissa Minerals are up 1.2% - 2.2%. MOIL is up marginally.
In the banking space, IndusInd Bank is up 5.8% on strong results. Federal Bank, Yes Bank, Bank of Baroda, Canara Bank, Kotak Bank and Bank of India are up 2.5% - 4.3%.
ICICI Bank and Axis Bank are up nearly 2%. State Bank of India is advancing 1.7% and HDFC Bank is adding 1.3%.
Oriental Bank of Commerce is up 4.5%. Allahabad Bank, Syndicate Bank, Andhra Bank, IDBI Bank and Karur Vysya Bank are up 1.5% - 4%.