With the bulls turning a bit more aggressive, several blue chip stocks have moved up sharply in early afternoon trade, extending their morning gains.
The Sensex is up 268 points or 1.37% at 19,772.18, slightly off the day's high of 19,781.10. The Nifty is up 86.15 points or 1.4% at 6016.35.
Information technology stocks are among the top gainers at present, and mirroring their surge, the BSE IT index is now up as much as 2.4%. The Teck index, which has several IT stocks in its fold, is up by a little over 2%.
Bank, automobile and realty stocks are up sharply on expectations of a rate cut. The Reserve Bank of India is slated to come out with its monetary policy review on Friday, 3 May 2013.
Capital goods and power stocks are also mostly trading notably higher. Select FMCG, consumer durables, oil and metal stocks have moved up as well.
Among the stocks in the BSE IT index, Infosys (2.4%), Tata Consultancy Services (3.5%) and Wipro (1.8%) are up with strong gains. HCL Technologies, Hexaware Technologies, Mphasis and Tech Mahindra are also trading notably higher.
Among other stocks in the IT space, KPIT Cummins, Educomp Solutions, MindTree, CMC and Polaris are up 1.5% - 3.2% now.
Capital goods sector heavyweight Larsen & Toubro is up by over 3%. ABB, AIA Engineering, AIL, Bharat Electronics, FAG Bearings, Havells India, Jindal Saw, Lakshmi Machine Works, Praj Industries, Punj Lloyd and Thermax are up 1% - 2%.
Among the stocks in the Bankex, State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, Bank of India, Bank of Baroda, Canara Bank, Kotak Bank, Union Bank of India and Yes bank are up 1% - 3%. Punjab National Bank is up with a modest gain.
In the realty space, Anant Raj Industries, Godrej Properties, HDIL, Indiabulls Real Estate and Unitech are up 1.5% - 4%, while DLF and Prestige Estates are up with modest gains.
Reliance Infrastructure is up 4.8%. Jaiprakash Associates, Mahindra & Mahindra, IDFC, Power Grid Corporation, Ambuja Cements, Jindal Steel & Power, NTPC, Sun Pharmaceutical Industries, BPCL and HDFC are up 1.5% - 4.5%.
Hindustan Unilever, GAIL India, Cairn India, Dr Reddy's Laboratories, BHEL, Hindalco, Bharti Airtel and Coal India are trading lower by 0.5% - 1.3%.