Stocks, led by those from metal, automobile and capital goods stocks, are trading firm on the major Indian bourses where the mood is fairly positive in early trades this morning thanks to positive global cues.
Select stocks from oil, consumer durables, banking and power sectors are also trading higher. Realty, information technology, FMCG and pharmaceuticals stocks are slighlty subdued.
Expectations that the government will soon start announcing key policy measures to plug the widening fiscal gap and initiate reforms appear to be prompting investors to pick up front line stocks.
The BSE benchmark Sensex, which surged to 17,679.37 after opening at 17,638.53, is currently up 58 points or 0.33% at 17,659.78. The Nifty index of the National Stock Exchange is up with a gain of 18 points or 0.34% at 5354.70, slightly off a high of 5361.40, it had touched a little while ago.
Metal stocks Hindalco (2.8%), Jindal Steel (2.4%), Tata Steel (2%), Sterlite Industries (1.6%) and Coal India (1.3%) are up on strong buying enquiries. SAIL is up with a gain of 1.8% and Sesa Goa is trading 1.4% up.
Bharti Airtel is trading more than 3% down at Rs 285 following an announcement from the company that its consolidated net profit fell 37.28% to Rs 762 crore on 14% increase in revenues to Rs 19350 crore in the April - June 2012 quarter, as compared to the corresponding period last year.