Shrugging off worries about the economic crisis in the euro zone and a weak trend in Asian markets, equities, led by information technology majors, are trading higher on the Indian bourses this morning.
Besides a host of IT stocks, several blue chips from banking, realty, consumer durables, FMCG and power sectors are trading notably higher at present. Pharmaceuticals and automobile stocks are also finding fairly good support. Capital goods and oil stocks, which opened on a subdued note, are edging higher now. A fair amount of buying is taking place in midcap and smallcap sections as well.
The Sensex, which opened on a flat note at 16,768.63, rallied to 16,911.44 and is currently at 16,896.30, up 150.95 points or 0.9% over its previous closing mark. The Nifty is up 48.30 points or 0.9% at 5080.25
Jindal Steel has notched up a gain of 2.3%. Tata Motors is up 1.8% NTPC, ICICI Bank, Sun Pharmaceuticals, Hindalco, Hindustan Unilever, HDFC, DLF, State Bank of India and Bajaj Auto are up 1% - 1.75%.
HCL Technologies, Reliance Power, Ambuja Cements, Reliance Capital, IDFC, Axis Bank, SAIL and Power Grid Corporation are up with strong gains. Reliance Infrastructure and Grasim Industries are also trading firm with smart gains.
Among the prominent stocks that have drifted lower, Maruti Suzuki is down 1.6% following the government pulling out of negotiations amid widening rift between the management and the workers at the company's Manesar unit. ONGC is down with a loss of 1.4% at Rs 265.80. GAIL, BHEL and Jaiprakash Associates are down 0.5% - 0.65% from their previous closing levels.
Adani Enterprises has gained 3.5% to Rs 598 on strong volumes. On the National Stock Exchange, the Adani Enterprises counter has clocked a volume of over 1 million shares this morning.
DB Realty, Rajesh Exports, Educomp Solutions, Areva, Dish TV India, Indiabulls Financial Services, Jubilant Foodworks, Suzlon Energy, Indiabulls Real Estate, Neyveli Lignite Corporation, Mphasis and Central Bank of India have moved higher on bargain hunting after recent losses.