The Indian stock market is up sharply this morning with investors indulging in some heavy buying at several front line counters, buoyed by a firm trend in global markets and on a stable rating issued by Moody's for India.
According to reports, Moody's has announced that the outlook on its Baa3 rating for India is stable, partly due to the country's high savings and investment rates. The agency also cited the country's diverse economy and strong gross domestic product growth as supportive of the rating.
The BSE benchmark, which rose to 18,735.96, is now up 186 points or 1% at 18,723.
The Nifty index of the National Stock Exchange is up 55 points or almost a percent at 5691.90.
Mirroring fairly widespread buying, all the sectoral indices are up in positive territory at present. Bank, realty and capital goods stocks are among the top gainers. Several stocks from metal, FMCG, oil, healthcare and information technology sectors are also trading notably higher.
Automobile, power and PSU stocks were a bit subdued to start with, but are currently seen edging higher. A number of stocks from midcap and smallcap sections are also trading firm.
HDFC is trading higher by over 2%. HDFC Bank, ICICI Bank, Sterlite Industries, ONGC, Jindal Steel, Hindalco, ITC, Bajaj Auto, Dr Reddy's Laboratories, Larsen & Toubro, Infosys, GAIL India, BHEL and Wipro are up 1% - 2%.
Mahindra & Mahindra, State Bank of India, Tata Motors, Reliance Industries, Tata Power, Coal India, Maruti Suzuki, Cipla and Sun Pharmaceutical Industries are also trading firm.
Jaiprakash Associates, up 2.7% at Rs 91.60, is the top gainer in the Nifty index. BPCL, Ambuja Cements, Sesa Goa, Axis Bank, Siemens, Ultratech Cement, Cairn India, DLF and Reliance Infrastructure are also up with solid gains.
Jet Airways, which ended with a hefty gain in the previous session, is down 2.3% at Rs 547 following the company dismissing media reports about a stake sale as 'speculative'. On the National Stock Exchange, over 1.5 million shares have been traded so far at the Jet Airways counter this morning.
Hindustan Copper is down more than 8% on huge volumes. The counter on NSE has clocked a volume of over 5 million shares so far this morning.