With several front line stocks from across various sectors moving higher on sustained buying support, the key Indian stock indices Sensex and Nifty look headed for an upbeat close today.
Following some upbeat economic data from the U.S. and China, markets in Asia and Europe moved higher today, setting up the mood for Indian investors. With some rating agencies predicting a strong GDP growth by year 2015, investors are busy lapping up stocks today.
The Sensex is up 288.45 points or 1.5% at 19,701.99 and the Nifty is up with a gain of 88.90 points or 1.48% at 5952.20.
Metal, oil, FMCG and PSU stocks are mostly up with strong gains. Several stocks from capital goods, banking, power and consumer durables sectors are also trading notably higher. Select healthcare and realty stocks are trading firm, while automobile stocks have turned subdued after a good spell in positive territory. Information technology stocks are trading weak on profit taking.
With the Supreme Court allowing some coal miners in Karnataka to re-open, metal stocks are in demand today. Jindal Steel & Power has moved up by nearly 6%.
Tata Steel, Coal India, Sesa Goa, Nalco, JSW Steel, Jindal Saw, MOIL and SAIL are trading higher by 2% - 5%.
BPCL, HDFC, IDFC, Cairn India, GAIL India, Larsen & Toubro, Hero Motocorp, Jaiprakash Associates, siemens, HDFC Bank, ONGC, Reliance Industries, State Bank of India, Kotak Bank and ICICI Bank are up 2% - 4.5%.
ITC, Power Grid Corporation, Mahindra & Mahindra, NTPC, Asian Paints, Ultratech Cement, Tata Power, Cipla, Hindustan Unilever, Dr Reddy's Laboratories, Lupin, Bajaj Auto and Bharti Airtel are also up with impressive gains.