Thanks to sustained buying across the board, the market, which opened on a buoyant note this morning on positive global cues, moved further up north subsequently and is still trading notably higher. Information technology stocks continue to spearhead the rally.
Sensex up 226 points as buying continues; IT, realty stocks post smart gainsSeveral stocks from realty, metal, banking, power and oil sectors are up with strong gains. Pharmaceuticals stocks are back in the reckoning once again. Capital goods stocks, which declined sharply on Monday following a rather disappointing report on the sectoral growth in July, have bounced back on renewed buying interest in the space. Automobile and FMCG stocks too are edging higher today.
The Sensex, which rose to 16,764.20, is now at 16,727.70, up 225.96 points or 1.37% over its previous closing mark. The Nifty is up 70 points or 1.42% at 5016.80.
Jaiprakash Associates is up 4% at Rs 67.70. Tata Consultancy Services, Sterlite Industries, DLF, Tata Steel, Hindalco, Infosys, Cipla, Reliance Industries, Jindal Steel, ICICI Bank and Maruti Suzuki are up 2% - 3%.
Among non-Sensex IT stocks, HCL Technologies, Patni Computer Systems, Tech Mahindra, Financial Technologies, Oracle Financial Services, Mphasis, Educomp Solutions, Rolta India, Polaris and MindTree are up 1.8% - 3.5%.
Realty stocks HDIL, Unitech, DB Realty, Indiabulls Real Estate, Oberoi Realty, Peninsula Land, Prestige Estates and Anant Raj Industries are up with strong gains.
Among the bank stocks that are not part of the bankex, Central Bank of India , Corporation Bank, Uco Bank, Syndicate Bank, Vijaya Bank, United Bank of India and Indian Bank are up 2% - 3.5%.
Shares of airliner Spicejet Limited vaulted to Rs 26.50 on hectic buying at the counter on reports Kalanithi Maran, promoter of media group Sun TV Network Ltd, is planning to raise his stake in the company to 43% by October. The stake increase and fresh infusion of funds will happen through the issue of convertible preference shares at a premium of 50% to the current share price.
The market has rallied higher this morning, due largely to hectic bargain hunting after recent sharp losses. The mood may turn cautious over the next couple of sessions as the crucial data on inflation and the apex bank's monetary policy review are due later this week.