The market, which rose sharply on some hectic buying in early trades this morning, has come off its high due to a bout of profit taking at some counters, but still remains fairly well placed in positive territory.
The rupee's strong start against the U.S. dollar and hopes of some reforms announcements from the government appear to have lifted sentiment to a significant extent.
The BSE benchmark Sensex, which vaulted to 20.086.43, is currently up 216.35 points or 1.1% at 19,949.11. The Nifty index of the National Stock Exchange is up 66.60 points or 1.14% at 5917.20, around 40 points off the day's high of 5957.25.
Bank stocks continue to hog the limeligth. Mirroring strong buying in that space, the BSE Bankex is now up 3.2%. Key stocks from FMCG, capital goods, automobile, PSU and power sectors are also trading notably higher.
Realty and metal stocks are off their early highs due to mild resistance. Consumer durables stocks have edged up a bit after a subdued start. Information technology and pharmaceuticals stocks are trading weak.
Among the stocks in the Bankex, ICICI Bank is up more than 4.5%, while State Bank of India are trading higher by 2.2% and 2.3%, respectively. Axis Bank, Bank of Baroda, Bank of India, Canara Bank, Federal Bank, IndusInd Bank, Kotak Bank, Punjab National Bank, Union Bank of India and Yes Bank are up 2% - 6%.
Among capital goods stocks, heavyweight Larsen & Toubro is trading nearly 2.5% up. AIA Engineering, FAG Bearings, Pipavav Defence, Punj Lloyd, Sadbhav Engineering, Siemens and Thermax are up 1.5% - 4.5%.
ARSS Infrastructure Projects Ltd has informed BSE that the Company has received a new work order of World Bank Projects in Odisha on September 12, 2013 for Rs. 147.53 crores. The stock is up 20% at Rs 20.05.
Strides Arcolab Ltd has informed BSE that the Sterile Manufacturing Facility 2 (SFF) at Bangalore of Agila Specialties Private Limited, a wholly owned subsidiary of the Company, has received a warning letter from the United States Food and Drug Administration.
The US FDA inspected SFF in the month of June 2013 and the inspection resulted in issuance of Form FDA 483 with observations. The Company responded to the 483 observations by implementing corrective actions.
Further, the Oncology facility at Bangalore of Agila Specialties Private Limited was also inspected recently by the US FDA and this facility has cleared the inspection with "Zero 483 status".The stock is trading 3.5% down at Rs 868 at present.