With several front line stocks finding good support and posting strong gains, the market looks on course for a firm close today.
Positive global cues and short-covering ahead of near month derivatives expiry contribute to the smart upmove in the market this afternoon. Asian markets closed mostly higher and major European markets are holding gains after a steady start.
The Sensex is up 220 point or 0.85% at 25,985.14. The Nifty50 is up 79.85 points or 1.01% at 8008.95.
Hindustan Unilever, Hero Motocorp, Maruti Suzuki and Bajaj Auto are up 2.2% - 2.5%. Adani Ports, HDFC, Tata Steel, Tata Motors, Mahindra & Mahindra, Cipla, Bharti Airtel, Reliance Industries, Lupin, ONGC, Coal India and Wipro are gaining 1% - 2%. ICICI Bank, Infosys, Asian Paints and ITC are modestly higher.
Hindalco is up 5.5%. Zee Entertainment Enterprises is gaining 3.3% and UltraTech Cement is up nearly 3%. Grasim Industries, Tata Motors DVR, Yes Bank, ACC, Eicher Motors, Bank of Baroda, IndusInd Bank, Tech Mahindra, Tata Power, BPCL and Aurobindo Pharma are up 1% - 2.3%.
Vedanta is trading nearly 5% up following an announcement from the company that its board has approved a proposal to raise Rs 300 crore through issue of non-convertible debentures.