The BSE benchmark Sensex shot up by over 150 points and the Nifty hit a near 2-year high, as stocks rallied smartly in early trades on the Indian bourses, tracking a firm trend in Asian markets.
The Sensex is now up 130 points or 0.66% at 19,710.81. At 5988.50, slightly off a high of 5997.15 it touched a little while ago, the Nifty is now up 37.65 points or 0.63% from its previous closing mark.
Buoyed by the news that the U.S. policy makers agreed on a deal to avert a series of tax hikes and automatic spending cuts on Monday, the mood has turned quite bullish across the globe. Though there are concerns about near term economic outlook, investors appear to have shrugged off those worries for now.
Realty stocks are in demand once again. Power, bank, PSU, metal and capital goods stocks too are mostly up in positive territory in opening trades. Select automobile, oi and FMCG stocks have edged higher. Healthcare stocks are also trading mixed, while information technology stocks are slightly subdued.
BHEL, the top gainer in the Sensex at present, is up nearly 2.5%. Maruti Suzuki, Sterlite Industries, Hero Motocorp, Bharti Airtel, Hindalco, State Bank of India, NTPC, Jindal Steel & Power, ICICI Bank and Tata Motors are trading higher by 1% - 2%.
Tata Steel, HDFC, Larsen & Toubro, Dr Reddy's Laboratories, Tata Power, Reliance Industries, ONGC, GAIL India and Sun Pharmaceutical Industries are also trading firm.
Jaiprakash Associates, Punjab National Bank, Ambuja Cements, IDFC, Sesa Goa, Bank of Baroda, Reliance Infrastructure, DLF and Kotak Bank too are up in positive territory with notable gains.
United Spirits, PC Jeweller, Jet Airways and Reliance Capital have moved up sharply on impressive volumes.