After moving in a tight range for over four hours and staying in the red for a brief while in the process, the market has moved up smartly in late afternoon trade with investors indulging in some hectic buying in bank, FMCG and realty stocks. Telecom stocks have moved up amid talks of imposition of voice tarrif sometime next week.
As stocks gained in some strength, the Sensex sailed past the 20,000 mark again and rose to 20,036,82 before retreating to lower levels.
At 19,958.40, the Sensex is now up by around 52 points or 0.25%. The Nifty is up with a gain of 23.90 points or 0.4% at 6047.95, more than 20 points off a high of 6068.50 it had touched a little while ago.
IT stocks have pared their gains. Metal, power and healthcare stocks are mostly off their highs. Automobile and capital goods stocks are trading mixed. A few stocks from the oil space have posted notable gains.
Bharti Airtel is trading stronger by over 4%. ITC, Tata Power, ICICI Bank, Bajaj Auto and Tata Consultancy Services are up 1% - 2%.
GAIL India, Tata Motors, Maruti Suzuki, Cipla, ONGC, Hindalco, Wipro and Tata Steel are up with modest gains.
Berger Paints is up nearly 9%. Idea Cellular is trading 8.5% up on fairly strong volumes. Yes Bank, MCX, Ambuja Cements, Hexaware Technologies, BPCL, Madras Cements, Indian Oil Corporation, Ultratech Cement, Reliance Communications, Oberoi Realty and Financial Technologies are up 2.5% - 5%.