After opening on a slightly negative note, the Indian stock market has surged higher this morning, with key bank, realty, healthcare and oil stocks moving up on strong buying support. Power, capital goods and automobile stocks are also attracting buyers. Metal, FMCG and information technology stocks are trading mixed.
The BSE benchmark Sensex, which advanced to 20,326.48 after declining to 20,162 in early trades, is currently up 99.44 points or 0.495 at 20,312.40. The Nifty index of the National Stock Exchange is up 37.50 points or 0.61% at 6184.25.
Dr Reddy's Laboratories is trading 2% up at Rs 2106. ICICI Bank and State Bank of India are up 1.9% and 1.8% at Rs 1214 and Rs 2426, respectively. Reliance Industries, Bajaj Auto and Tata Steel are trading higher by 1% - 1.2%.
Mahindra & Mahindra, BHEL, Bharti Airtel, Sterlite Industries, Larsen & Toubro, HDFC Bank, NTPC, Hindalco and Maruti Suzuki are up with modest gains.
Jaiprakash Associates, up 3.3% at Rs 78.25, is the top gainer in the Nifty index. Reliance Infrastructure is trading 2.8% up on strong results. IDFC, Bank of Baroda, Axis Bank, IndusInd Bank and Punjab National Bank are up 1% - 2%. ACC, Ranbaxy Laboratories, Asian Paints, Cairn India, Ultratech Cement, Grasim Industries, DLF, Sesa Goa and Power Grid Corporation are also up in positive territory.
Information technology heavyweights Tata Consultancy Services and Infosys are trading weak, losing 1% and 0.5%, respectively. NMDC, ITC, Lupin, Sun Pharmaceutical Industries, Hindustan Unilever and Jindal Steel & Power are also trading weak.
Reliance Capital (2%) and LIC Housing Finance (2.3%) have moved up sharply on impressive volumes. While the Reliance Capital counter on the National Stock Exchange has clocked a volume of over 9.9 lakh shares, around 1.33 million shares have been traded so far at the LIC Housing Finance counter.