With buying in front line stocks gathering momentum, the key Indian stock indices Sensex and Nifty, which opened on a buoyant note this morning, have surged further up north in early afternoon trade.
The Sensex is up 181.84 points or nearly 1% at 19,361.20. The Nifty is up 65.30 points or 1.1% at 5902.20.
Oil stocks, led by heavyweights Reliance Industries and ONGC, are trading firm. Automobile stocks are mostly up with strong gains. PSU, power, healthcare, metal and bank stocks are also trading notably higher. Select capital goods stocks too have moved up smartly.
FMCG, realty and consumer durables stocks had a fairly bright spell early on, but have given up most of their gains now. Information technology stocks continue to trade weak.
Among the stocks in the Oil & Gas index, Reliance Industries is up 2.6% and ONGC is trading 2% up. Cairn India has notched up a gain of over 3%. GAIL India is up 2%, while BPCL is trading 0.8% up. Hindustan Petroleum Corporation and Indian Oil Corporation are trading modestly lower.
Petronet LNG is up nearly 3% at Rs 139 on reports the company has signed initial agreement with Houston-based United LNG to annually buy 4 million tonnes of liquefied natural gas. The deal is likely to be finalised by the end of this year.
SpiceJet is up more than 10%, amid huge volumes. Jet Airways, meanwhile, is trading 12% up at Rs 639 with the deal with UAE based Etihad Airways.
Shares of Motilal Oswal Financial Services are up following an announcement from the company that its board will consider a share buy-back proposal on 27 April 2013.
M&M Financial Services is up more than 7% following a sharp 43% year-on-year surge in consolidated net profit at Rs 346 crore for the quarter ended 31 March 2013. The net profit also includes profit of Rs 30 crore from a one-time gain on account of stake sale in one of the subsidiaries. In the corresponding period last year, the company had posted a net profit of Rs 242 crore.