Thanks to strong and sustained buying at several counters across various sectors, the Indian stock market, which opened on a firm note this morning on global cues, has gained further ground in positive territory now.
The Sensex, which rose to 19,088.16, is now up 218.68 points or 1.16% at 19,045.84. The Nifty index of the National Stock Exchange is up 68 points or 1.2% at 5767.10.
Consumer durables stocks, which outperformed the market on Thursday, are in demand once again. Stocks from automobile sectors are doing fairly well on renewed buyng interest. Realty, metal, capital goods, oil, power and bank stocks too are mostly trading notably higher.
PSU and healthcare stocks are also moving higher. FMCG stocks are mixed, while information technology stocks remain quite subdued. After recent setback, scores of midcap and smallcap stocks have moved up sharply on fairly aggressive buying.
Tata Motors has gained 3.6% at Rs 293 thanks to strong buying at the counter following the company's UK-based subsidiary, Jaguar Land Rover, reporting a 12% rise in sales to 32,477 units in May 2013 over May 2012.
Maruti Suzuki has moved up 2.9% to Rs 1497. Bajaj Auto is trading 1.7% up at Rs 1736, Mahindra & Mahindra is up with a gain of 1.3% at Rs 935 and Hero Motocorp is up 0.6% at Rs 1619.
Tata Power, HDFC, Hindalco, Tata Steel, BHEL and Larsen & Toubro are trading higher by 2% - 2.8%. Reliance Industries, GAIL India, HDFC Bank, Sterlite Industries, ONGC, Bharti Airtel, Jindal Steel & Power, ICICI Bank, State Bank of India and Dr Reddy's Laboratories are also up with solid gains.
Jet Aiways rose 5% on strong buying support, ahead of Foreign Investment Promotion Board meet that will decide on Jet Airways' stake sale to Gulf carrier Etihad Airways. The FIPB, headed by Economic Affairs Secretary Arvind Mayaram, will take a call on the Rs 2,058 crore Jet-Etihad deal, the largest foreign investment in the Indian aviation sector. Jet Airways, as reported earlier, plans to sell 24% stake to Abu Dhabi-based Etihad.
In the currency market, the rupee rose 35 paise to 57.63 against the dollar in early trade on the Interbank Foreign Exchange market on the back of banks and exporters selling the US currency amid strong local equities. On Thursday, the partially convertible Indian rupee had ended 19 paise down at 57.98 against the greenback.
In economic news, the government has revised April’s industrial growth figure twice. After announcing on Thursday that industrial growth was no more than 2%, following Thursday's data that showed a 2.2% growth, the government today revised it to 2.3%, citing wrong calculation of electricity generation for the earlier data.