Sensex spurts more than 200 points as buying gains momentum

Thanks to sustained buying in several stocks from banking, metal, information technology and automobile sectors, the market has rallied sharply this afternoon. Earlier, amid weak global cues and on concerns about the economy, the market was struggling to get going despite seeing a few rounds of buying now and then.

Select stocks from oil, healthcare, pharmaceuticals and capital goods sectors are also trading firm. A few stocks from the realty space have moved higher as well. Mirroring fairly widespread buying, all the sectoral indices are up in positive territory at present. The Midcap and Smallcap indices too have moved up, thanks to strong buying at several counters.

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The Sensex, which spurted to 16,712.54, is now up 203.14 points or 1.23% at 16,686.59. The Nifty index of the National Stock Exchange is up 66.50 points or 1.35% at 5003.35.

Hindalco has surged 3.3% to Rs 135.60. Sterlite Industries and Tata Steel are up 3% and 2.85% at Rs 108.60 and Rs 414 respectively. Coal India (0.85%) and Jindal Steel (0.35%) are up with modest gains.

Automobile stocks Maruti Suzuki (2.5%), Tata Motors (2%) and Mahindra & Mahindra (1.6%) and banking sector heavyweights HDFC Bank (2%), State Bank of India (1.9%) and ICICI Bank (1.8%) and IT majors Tata Consultancy Services (2%) and Infosys (1.2%) are also up with strong gains.

Jaiprakash Associates has gained around 1.8%. NTPC, Hindustan Unilever, HDFC, BHEL, Sun Pharmaceuticals, ITC, DLF and Cipla are trading higher by 0.5% - 1.2%, while Reliance Industries is up with a modest gain of 0.35%.

BPCL, the top gainer among BSE 'A' Group stocks, is up 4.5% at Rs 549. Apollo Hospitals, Power Finance Corporation and Ambuja Cements have gained 4% - 4.4%. Max India, IDFC, Dish TV India, MOIL, Reliance Capital, IndusInd Bank, Godrej Industries, Coromandel International, Power Grid Corporation and Adani Enterprises are up 3% - 3.8%.

Balaji Telefilms shot up by over 10% today ahead of release of Hindi movie "The Dirty Picture." The movie is expected to rake in hefty collections.

Larsen & Toubro is down marginally at rs 1287. The company is reportedly scouting to acquire majority stake in road projects worth around Rs 1000 crore each to boost its portfolio.

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Lupin Ltd shares are up nearly a percent at Rs 470 following the company's subsidiary Lupin Pharmaceuticals Inc receiving final approval for its Minocycline hydrochloride extended release tablets from the USFDA.

Meanwhile, the deadlock in Parliament over FDI in retail and several other issues continued for the ninth day today with the opposition and some members of UPA partner Trinamool Congress creating uproar in both Houses to press for their demands over FDI in retail sector and other issues that led to the ajournment of the Parliament till December 7. Both Lok Sabha and Rajya Sabha were adjourned minutes after they met for the day.