Stocks surged higher and lifted the BSE benchmark Sensex up past the psychological 19,000 mark in early trades this morning as investors shrugged off weak global cues and indulged in some heavy buying almost across the board, betting on hopes the government will come out with more announcements on economic reforms following the cabinet meeting that will end today.
At 19,060.92, off a high of 19,087.60, the Sensex is now up 191.23 points or 1.01% from its previous closing mark. The Nifty index of the National Stock Exchange, which spurted to 5798.60, is now up 60 points or 1.05% at 5791.25.
Bank and realty stocks are up sharply. Oil stocks have moved higher following a sharp decline in global crude oil prices. Capital goods, power and automobile stocks too are mostly trading higher. Metal and FMCG stocks are up as well, while information technology stocks are subdued.
BHEL is up 3.3% at Rs 258. ICICI Bank , Bharti Airtel , Dr Reddy's Laboratories , HDFC Bank , HDFC , Reliance Industries , Tata Motors , ITC , Bajaj Auto , Larsen & Toubro , Maruti Suzuki , Tata Steel , State Bank of India , Hindalco , ONGC and Sterlite Industries are trading higher by 1% - 2.6%.
Tata Power , Jindal Steel & Power , Infosys , Mahindra & Mahindra , Hindustan Unilever and NTPC are also trading firm.
DLF , Axis Bank , Jaiprakash Associates , BPCL , Kotak Bank , Reliance Infrastructure , Punjab National Bank , Grasim Industries , ACC and Siemens are up with sharp to moderate gains.
Lupin , Cipla and HCL Technologies are down more than a percent. Tata Consultancy Services and Ranbaxy Laboratories are also trading notably lower.