Equities surged higher in early trades on the Indian bourses this morning with investors indulging in some hectic bargain hunting after recent losses. A firm trend in most of the markets in the Asian region following the Chinese central bank injecting liquidity to boost economic growth in that country too contributed to the buoyant start.
Metal, bank and capital goods stocks are among the major gainers. Consumer durables, healthcare and automobile stocks too are mostly up with strong gains. Select power, FMCG, oil and realty stocks are trading higher as well. Information technology stocks opened on a firm note, but have retreated from their highs now.
The BSE benchmark Sensex, which rose to 18,885.84, is currently up 135.62 points or 0.72% at 18,844.60. The Nifty index of the National Stock Exchange is up 58 points or 0.73% at 5718, a few points off the day's high of 5728.65.
Tata Steel, Larsen & Toubro, ICICI Bank, Jindal Steel & Power, Sterlite Industries, State Bank of India, Sun Pharmaceutical Industries, Dr Reddy's Laboratories, HDFC Bank and Tata Power are up 1% - 1.8%.
Hindustan Unilever, Cipla, Hindalco, NTPC, HDFC, Coal India, Tata Consultancy Services and Reliance Industries are also trading notably higher.
Automobile stocks Maruti Suzuki, Tata Motors, Hero Motocorp and Mahindra & Mahindra are trading higher by 1% - 1.2%. However, Bajaj Auto is trading in negative territory, with a loss of around 1.6%.
Jaiprakash Associates, up 2.6%, is the top gainer in the Nifty index. Lupin, IDFC, Sesa Goa, Ambuja Cements, Reliance Infrastructure, Kotak Bank, Punjab National Bank and Axis Bank are all trading higher by 1% - 2%.
Bharti Airtel is down 1.2% on profit taking after the previous session's gains. DLF is down by around 1%. Wipro, BPCL and ONGC are down marginally.