With buying in blue chip stocks gathering greater momentum, the market has moved up in style and looks set for a buoyant close today. Besides a firm trend in Asian and European markets, expectations of some sops for exporters appear to be prompting investors to indulge in some heavy buying this afternoon.
Shares from realty, metal, automobile, oil and banking sectors are on song. Information technology stocks, which turned a bit subdued after a fairly steady start, are moving higher now. Healthcare and capital goods stocks too have surged higher on strong buying support. FMCG, power and consumer durables stocks are off their lows.
The Sensex is up 263 points or 1.4% at 19,140.96. The Nifty index of the National Stock Exchange is up 84 points or 1.5% at 5782.50.
Midcap and smallcap stocks, which took a severe beating in recent sessions, are back in the reckoning this afternoon. The market breadth is positive.
Sterlite Industries and Hindalco have moved up by over 4%. Jindal Steel & Power and Tata Steel are trading higher by around 2.2%, while Coal India, the other metal stock in the Sensex, is up with a modest gain of 0.6%.
Tata Motors is up nearly 4%. Maruti Suzuki is up 2.9% and Mahindra & Mahindra is up with a gain of 1.6%, while Hero Motocorp is trading 0.5% up. Bajaj Auto, however, trades weak.
Wipro has rallied to Rs 433, gaining 3.3% in the process. Tata Consultancy Services is up with a gain of 2% at Rs 1540 and Infosys is trading 0.7% up at Rs 2921.
ICICI Bank has gained 3.2%. Cipla, Reliance Industries, Dr Reddy's Laboratories, Larsen & Toubro, ONGC, State Bank of India and GAIL India are up 1.2% - 2.6%. HDFC Bank, Hindustan Unilever and Sun Pharmaceutical Industries are also trading firm.
Sesa Goa, up 4.8%, is the top gainer in the Nifty index. Ambuja Cements has gained a little over 4.5%. HCL Technologies, Jaiprakash Associates, DLF, Ultratech Cement, ACC, IDFC, Grasim Industries, Axis Bank, Reliance Infrastructure, Siemens, Asian Paints and Cairn India are up 2% - 4.5%. Punjab National Bank and Bank of Baroda are also trading notably higher.
Aurobindo Pharma, Jain Irrigation Systems, IFCI, Essar Oil, Mahindra & Mahindra Financial Services, Union Bank of India, L&T Finance Holdings, Power Finance Corporation, REC, Reliance Capital, Dena Bank, Dabur India, Adani Ports, Uco Bank, Pantaloon Retail, Tata Global Beverage and GMR Infrastructure are up 4% - 7%.
Sugar stocks are in demand amid reports the government may consider easing curbs on the sugar sector. Shree Renuka Sugars, Sakthi Sugars, Dhampur Sugar Mills, Bajaj Hindustan, Balrampur Chini Mills and Triveni Engineering are all trading notably higher now.