The market, which suffered a setback after a positive start, has bounced back strongly in mid morning trade, with investors indulging in some frenzied buying in key stocks from banking, infrastructure, metal and select information technology stocks.
At 19,005.43, off the day's high of 19,037.95, the Sensex is now up 116.53 points or 0.62% from its previous close. The Nifty index of the National Stock Exchange is up 37.40 points or 0.66% at 5731.80, off a high of 5745.80 it had touched a little while ago.
Bharti Airtel (up 7.8% at Rs 302) has come back strongly after recent sharp losses, contributing substantially to the market's upmove. ICICI Bank is up 4.4% at Rs 1045.50. Jindal Steel & Power is up by a little over 3% at Rs 348 and HDFC is up with a gain of 2.6% at Rs 801.
GAIL India, Tata Steel, Sterlite Industries, Hindalco, State Bank of India and Mahindra & Mahindra are up 1% - 1.6%. Larsen & Toubro, Tata Consultancy Services, Wipro, Tata Power, Cipla, BHEL and Infosys are also trading firm now.
Kotak Bank, Ultratech Cement, IDFC, Siemens, Ambuja Cements, Sesa Goa, Ambuja Cements, Axis Bank and Cairn India are trading higher by 1% - 2.3%. Power Grid Corporation, Asian Paints and HCL Technologies have also edged higher.
Tata Motors is trading weak, losing around 3.5%. Bank of Baroda is down with a loss of 2.2%. NTPC, Maruti Suzuki, Bajaj Auto and Hindustan Unilever are down 0.8% - 1.2%. ACC, Punjab National Bank, BPCL and Sun Pharmaceutical Industries are down marginally.
Reliance Communications, Idea Cellular, GMR Infrastructure, Yes Bank, Titan Industries, United Spirits, Crompton Greaves, Aditya Birla Nuvo, Biocon and Oracle Financial Services are among the major gainers in the Junior Nifty index.
Canara Bank has lost around 2.6%. Mphasis, Union Bank of India, SAIL and Bank of India are also trading notably lower.
Shares of Balmer Lawrie Limited jumped more than 8% this morning following an announcement from the company that its board will consider a maiden bonus issue in its meeting on March 26, 2013.
In the currency market, the rupee edged up to 54.22 against the U.S. dollar, gaining 14 paise. The partially convertible Indian currency had ended at 54.36 against the greenback on Wednesday.