The market, which retreated sharply - it stayed in positive territory though - after an upbeat start, stayed a bit rangebound for about ninety minutes and then edged higher as buying gathered some momentum again.
Despite a lack of triggers, the mood is surprisingly bullish this morning. The sharp upmove recorded by the indices was due largely to some hectic buying in HDFC Bank after the apex bank lifted restriction on buying of the bank's shares by foreign investors following their holding in the stock falling below the prescribed limit.
The Sensex is up 211.20 points or 0.75% at 28,512.47. The Nifty50 of the National Stock Exchange is at 8828.20, up 50.20 points or 0.57% from its previous close.
HDFC Bank is currently trading nearly 7% up at Rs 1418. Sun Pharmaceutical Industries is up 2.3% and HDFC is gaining about 2%. Lupin is up 1.2% and Cipla is adding nearly 1%.
Indiabulls Housing Finance, which will soon get into the Nifty50 fold, is up nearly 3%. Indian Oil Corporation, which will also move into the Nifty50 index, is up 2.3%. BPCL, IndusInd Bank, Aurobindo Pharma, Lupin and Bosch are up 1% - 1.6%.
Bharti Infratel is declining by about 3%. Eicher Motors, Tata Consultancy Services, Infosys, Hero Motocorp, Coal India, State Bank of India, Maruti Suzuki, Bajaj Auto, Wipro and HCL Technologies are down 0.5% - 1.5%.