Equities, led by front line stocks from oil, automobile, metal and healthcare sectors, have surged higher on the Indian bourses this morning with investors indulging in some brisk buying in early trades.
Though global cues are not any significantly positive, investors appear to be picking up stocks amid hopes of some monetary easing by the Reserve Bank of India which will unveil its second quarter monetary policy review on Tuesday.
The BSE benchmark Sensex, which surged to 18,743.41, is currently up 86.86 points or 0.47% at 18,712.20. The broader 50-stock Nifty index of the National Stock Exchange is up 26.10 points or 0.46% at 5690.40, off an early high of 5698.30.
Reliance Industries, up 1.6% at Rs 812, is trading firm, contributing significantly to the market's positive start. Mahindra & Mahindra is up by around 1.5%. ITC and Hindalco are trading higher by 1.3%.
Tata Power, Tata Steel, Wipro, Cipla, Dr Reddy's Laboratories, Bajaj Auto, Bharti Airtel, ONGC, Hero Motocorp, Larsen & Toubro, Jindal Steel & Power and Tata Motors are up 0.7% - 1.2%. HDFC, HDFC Bank, Coal India, GAIL India, Maruti Suzuki and ICICI Bank are also trading in positive territory.
IDFC is down marginally. The company reported after trading hours on Friday that its consolidated net profit declined 9% to 476 crore in the July - September 2012 quarter. The company said its net interest income jumped 32% to Rs 656 crore in the September quarter, as compared to the corresponding quarter last year. Gross NPA ratio declined 0.28% as on 30 September 2012, from 0.3% a year ago. Net NPA ratio declined 0.13% in the latest quarter, from 0.14% in the corresponding quarter last financial year.