The Indian stock market opened on a rousing note this morning, with bank stocks leading the charge up north, buoyed by the central bank's decision to cut the marginal standing facility rate by 50 basis points to ease liquidity.
Shares from rate sensitive automobile and realty sectors too opened on a high note. Capital goods stocks are among the other prominent gainers.
Select PSU, power, metal and oil stocks have moved higher. FMCG, healthcare and information technology stocks are a bit subdued.
The BSE benchmark Sensex, which soared to 20,134.72 in a flash, is currently up 179 points or 0.9% at 20,074.10. The Nifty index of the National Stock Exchange is up 57 points or 0.97% at 5963.15, nearly 20 points off an early high of 5981.70.
The rupee, meanwhile is trading at 61.73 against the U.S. dollar, up slighlty from Monday's close of 61.79.
Banking sector heavyweights ICICI Bank (2.8%), State Bank of India (1.8%) and HDFC Bank (1.7%) are up sharply.
Among other stocks in the banking space, Yes Bank is up 6.8%, IndusInd Bank is trading 5.3% up and Axis Bank is up 3.3%. Union Bank of India, Kotak Bank, Canara Bank, Punjab National Bank, Bank of India and Bank of Baroda are up 2% - 3%.
Tata Motors has gained nearly 2.5%. Hero Motocorp, Maurti Suzuki and Bajaj Auto are up 0.8% - 1%, while Mahindra & Mahindra is trading higher by about 0.5%.
Larsen & Toubro and BHEL, the capital goods sector majors, are up 2.4% and 1%, respectively. Telecom stock Bharti Airtel is up 2.3% at Rs 330.
Tata Power, Jindal Steel & Power, HDFC, ITC, Wipro, Tata Steel, Sesa Sterlite, ONGC and Infosys are up 0.5% - 1.7%.
Realty stock DLF is up 3%. IDFC, Jaiprakash Associates, Ultra Tech Cement, ACC, Ambuja Cements, Grasim Industries and Asian Paints are also up with impressive gains.
Coal India, Lupin, HCL Technologies and Tata Consultancy Services are down 0.5% - 0.8%. Hindustan Unilever, NMDC and Power Grid Corporation are down marginally.