With the bulls continuing to call the shots, the market, which rallied sharply on strong global cues and expectations of a rate cut from the Reserve Bank of India, remains high up in positive territory this afternoon.
Hopes ahead of the European Central Bank's interest rate decision and the arrival of the monsoon are among the other factors that are contributing to the market's impressive surge today.
Automobile, bank and realty stocks are up sharply on rate cut hopes. Several stocks from the infrastructure space too have posted impressive gains. FMCG, power, metal, consumer durables, capital goods and information technology stocks are also mostly up in positive territory with notable gains.
Pharmaceuticals stocks, which were quite subdued earlier in the day, are edging higher now on renewed buying interest. Oil stocks are trading mixed.
The Sensex is now up 384.72 points or 2.4% at 16,405.46. The Nifty index of the National Stock Exchange is up with a gain of 120.60 points or nearly 2.5% at 4983.90.
In the currency market, the rupee today gained 11 paise to 55.53 against the dollar in early trade on the Interbank Foreign Exchange. Amid high volatility, the partially convertible Indian currency had ended at 55.64 to the dollar on Tuesday.
Tata Motors, up 5.8% at Rs 234.50, is the biggest gainer in the Sensex. Hero Motocorp is up nearly 5% at Rs 1956. Maruti Suzuki is up with a gain of 2.3% at Rs 1103, while Bajaj Auto and Mahindra & Mahindra are up 1.8% and 1.3% at Rs 1520 and Rs 663, respectively.
Jindal Steel, ITC, NTPC, Tata Power, Hindustan Unilever, HDFC Bank, Sterlite Industries, Hindalco, Wipro, Tata Steel, BHEL, ICICI Bank, Tata Consultancy Services, State Bank of India and Coal India are trading higher by 2% - 4.5%.
Sun Pharmaceutical Industries, Larsen & Toubro, DLF, GAIL India, Infosys and ONGC are also up with strong gains.
Sesa Goa, Reliance Infrastructure, IDFC, Power Grid Corporation, Ambuja Cements, Bank of Baroda, Jaiprakash Associates and Axis Bank are up 3% - 4.3%.
Siemens, Asian Paints, ACC, Cairn India, HCL Technologies, Kotak Bank, Punjab National Bank, SAIL and Dr Reddy's Laboratories are also up with strong gains. Dr Reddys Laboratories Ltd has informed BSE that it has signed an agreement with Merck Serono to develop and commercialize Biosimilars.
Ashok Leyland is up 2.3% at Rs 26. Ashok Leyland Ltd has informed that it has bagged an order for 50 Vestibule Buses from Bangladesh. The order is estimated to be worth around US$ 6 million.
Shares of Alstom T&D are up sharply following an announcement from the company that it has won a contract worth Rs 41 crore for installing 400/220kv substantion at Daltonganj.
KEC International Ltd shares are also trading firm today on new order win. The company has announced that it has secured new orders worth Rs 391 crore spread across its Transmission and Telecom businesses.