Stocks surged higher in early trades on the Indian bourses this morning, with investors indulging in some brisk buying, tracking positive global cues. Despite the rupee opening lower against the greenback, most of the front line stocks are trading firm, with investors betting on better times for the market.
The partially convertible Indian rupee which plunged to a new all-time low on Thursday before regaining some lost ground on Friday, opened 49 paise down at 63.69 a dollar this morning.
The BSE benchmark Sensex, which opened more than 80 points up at 18,602.56, is currently up 183.81 points or almost 1% at 18,703.25. The Nifty index of the National Stock Exchange is up 49.65 points or 0.9% at 5521.40.
Metal stocks are extending recent gains, thanks to some upbeat economic data out of China. Capital goods, realty power and healthcare stocks are among the other prominent gainers.
Information technology stocks are edging higher, with a weak rupee aiding their cause. Select FMCG, PSU bank and consumer durables stocks are also trading firm, while automobile and oil stocks are a bit subdued.
Sterlite Industries is up nearly 5.5%. Sesa Goa has jumped nearly 7%. Coal India has gained over 3%. Jindal Steel & Power has moved up by nearly 1.5% following the company bagging five exploration contracts in Africa. Hindalco is up with a modest gain.
BHEL has moved up nearly 3%. Wipro, Hero Motocorp, Larsen & Toubro, Tata Power, HDFC Bank adn NTPC are trading higher by 2% - 2.6%.
Maruti Suzuki, Dr Reddy's Laboratories, Hindustan Unilever, Sun Pharmaceutical Industries, Cipla, HDFC Bank ITC, Infosys, Tata Consultancy Services and State Bank of India are also trading firm.
Jaiprakash Associates, Asian Paints, IndusInd Bank, Cairn India, ACC, Grasim Industries, Punjab National Bank, Lupin and DLF are up 1% - 2.5%.
Meanwhile, ONGC, Tata Motors, Tata Steel, ICICI Bank and GAIL India are trading weak, losing 0.3% - 1.3%.
Hexaware Technologies is up nearly 6% on strong volumes. On the National Stock Exchange, the Hexaware counter has clocked a volume of almost 3 million shares so far this morning. The stock is up following an announcement from the company that Baring Private Equity Asia has agreed to buy a controlling stake in the company for about $420 million.