With the mood remaining quite bullish thanks to strong global cues, the market, which opened on an upbeat note this morning, remains high up in positive territory now.
Oil stocks, led by heavyweight Reliance Industries, are up sharply. Realty, automobile, capital goods, bank and metal stocks are also mostly trading notably higher.
A few stocks from healthcare, power, consumer durables and PSU sectors are up with strong gains. Information technology and FMCG stocks are subdued. Several stocks from midcap and smallcap sections are up sharply on sustained buying support.
The Sensex is now up 219.91 points or 1.28% at 17,417.84, more than 30 points off the day's high of 17,448.42. The Nifty index of the National Stock Exchange, which rose to 5291.35, is up 70 points or 1.32% at 5285.70 at present.
Index heavyweight Reliance Industries, up nearly 5% at Rs 780, is trading firm on strong buying support, contributing substantially to the market's upmove in the process. The stock is up on reports the company has agreed to share its accounts with the Comptroller and Auditor General (CAG) of India.
The oil ministry had made the demand to the company to provide data for audit last month. The oil minister has assured the company that the government would speed up approvals for various proposals in four blocks, including KG-D6.
HDFC, Hindalco, BHEL, Mahindra & Mahindra, Bharti Airtel, State Bank of India, Tata Power, Maruti Suzuki, Hero Motocorp and Cipla are also trading notably higher.
Reliance Infrastructure has gained 3.3%. Jaiprakash Associates is up with a gain of 3.2%. SAIL, Axis Bank and Kotak Bank are up 2.2% - 2.8%. IDFC, Ambuja Cements, Ranbaxy Laboratories, Bank of Baroda, Sesa Goa, Punjab National Bank, Cairn India and ACC are also up with smart gains.
Glenmark Pharmaceuticals is up more than 4% following an announcement from the company that it has received final abbreviated new drug approval (ANDA) nod for montelukast sodium tablets.
In the currency market, the rupee erased some early gains although it is still trading 35 paise stronger against the dollar on fresh selling of the American currency by banks and exporters. The rupee strengthened to 55.24 against the dollar in early trades before paring some gains.