Thanks to sustained buying almost across the board, the market has moved up sharply this afternoon, extending morning gains. A firm trend in global markets after the eurozone finance ministers and the International Monetary Fund agreed on a deal to significantly reduce Greece's debt by the year 2020, and hopes on the domestic front that the government will speed up economic reforms, are contributing to the rally today.
A stable outlook for India's credit rating by Moody's is also aiding sentiment to a significant extent. Moody's reiterated its stable outlook on India's sovereign rating, citing strong economic expansion and a healthy savings and investment rate that exceeded other emerging economies.
The Sensex is now up 251.50 points or 1.36% at 18,788.51, slightly off the day's high of 18,805.77. The Nifty index of the National Stock Exchange is up with a gain of 74.50 points or 1.32% at 5710.40.
Realty and consumer durables stocks are on song. Several stocks from metal, banking, FMCG and capital goods sectors are also up with impressive gains. Oil, information technology, automobile and healthcare stocks too are mostly trading higher. After a subdued start, power and PSU stocks have moved higher.
Sterlite Industries is trading styronger by nearly 4%. HDFC Bank, Hindalco, HDFC and Cipla are up 2.2% to 2.8%. Tata Steel, Jindal Steel, Infosys, Bajaj Auto and ITC are trading higher by 1.5% - 2%. Reliance Industries, State Bank of India, ICICI Bank, Larsen & Toubro, Tata Motors, BHEL, Hero Motocoro, Mahindra & Mahindra, Dr Reddy's Laboratories and Tata Consultancy Services are also trading notably higher.
Telecom stocks are attracting buyers. Bharti Airtel is up nearly 3% at Rs 319.60. Idea Cellular, MTNL, Reliance Communications, Tata Communications and Tulip Telecom are also trading notably higher.
Among the stocks from the Bankex, Union Bank of India, Yes Bank, IndusInd Bank, Punjab National Bank, Axis Bank, Kotak Bank, Bank of Baroda and Bank of India are up in positive territory, besides heavyweights SBI, ICICI Bank and HDFC Bank.
Dena Bank, J&K Bank, State Bank of Mysore, Oriental Bank of Commerce, Allahabad Bank, Uco Bank, Indian Overseas Bank, Punjab & Sind Bank, United Bank of India and Andhra Bank are among the other gainers in the banking space.
In the Realty index, Unitech is up nearly 9%. HDIL, Indiabulls Real Estate, DLF, Oberoi Realty, Prestige Estates, Sobha Developers, DB Realty and Parsvanath Developers are up 1% - 3.5%.
Among consumer durables stocks, Videocon Industries is up 20%. C Mahindra Exports is trading stronger by over 5%. Bajaj Electricals, Blue Star, Gitanjali Gems, Titan Industries, TTK Prestige, VIP Industries and Whirlpool are up 1% - 3%.