Thanks to sustained buying in several front line stocks, the market, which opened on a bright note this morning on strong global cues, remains fairly high up in positive territory now.
Asian markets are trading firm, tracking the overnight upmove in European markets where stocks surged higher on the back of leading central banks' decision to keep interest rates at low levels in order to support growth.
At 19,581.40, the Sensex is now up 170.56 points or 0.88% from its previous close. The Nifty index of the National Stock Exchange is up with a gain of 52 points or 0.89% at 5888.95.
Realty and metal stocks are back in demand after recent weakness. Oil, capital goods, FMCG and power stocks are also trading notably higher. Bank, PSU, healthcare and consumer durables stocks are also mostly steady. Select automobile and information technology stocks have surged higher.
Jaiprakash Associates is trading stronger by 4.4%. IDFC is up 3.2%. Jindal Steel & Power, Ranbaxy Laboratories, NMDC, Hindalco, Reliance Industries, Bank of Baroda, Axis Bank and Sesa Goa are up 2% - 3%.
Tata Power, DLF, Punjab National Bank, Reliance Infrastructure, Larsen & Toubro, Tata Steel, BHEL, HDFC Bank, Tata Motors, ONGC, Asian Paints, ITC and Sun Pharmaceutical Industries are up 1% - 2%.
Hindustan Unilever hit a new high of Rs 632. According to reports, Anglo-Dutch consumer goods major Unilever's shareholding in Hindustan Unilever has increased from 52.48% to 67.28% following buyback of close to 32 crore shares. Unilever had floated an open offer to raise its stake to 75% in Indian unit at Rs 600 per share. The open offer closed on 4 July 2013. The stock is currently trading at 608.75, up 1.3% from its previous closing price.
BGR Energy Systems plunged 5% after the promtoers’s 3% share sale commenced on bourses. One of the promoters of the company is selling around 2.18 million shares, representing 3.01% stake, through offer-for-sale route, to meet minimum public shareholding norms, BGR Energy Systems said in a regulatory filing. The promoter has fixed floor price at Rs 118 per share, a 7% discount to Thursday’s closing price of Rs 127.
In the currency market, the rupee rose to 60.03 against the U.S. dollar in early trade, gaining 10 paise. On Thursday, the partially convertible Indian rupee had strengthened by eight paise to close at 60.13 a dollar, following firm local equities and fresh currency sales by exporters.