Sensex up more than 300 points as buying gains momentum

After moving in a tight band for close to four hours, the market has moved higher with buying at some front line counters gathering some momentum this afternoon. The mood remains quite upbeat today following a rally in global markets amid renewed optimism about the global economy on the back of some encouraging reports from the U.S. and Europe.

The Sensex, which spurted to 15,514.43 a few minutes ago, is now up 310 points or 2.05% at 15,485.08. The Nifty index of the National Stock Exchange is up with a gain of 88.50 points or 1.95% at 4633.

In the currency market, the rupee has surged against the US dollar following inflow in the capital market. The partially convertible rupee was trading at 52.75 per dollar a little while ago, against previous close of 52.87.

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Bank and consumer durables stocks are among the top gainers on the Indian bourses. Power, oil, metal, automobile and capital goods stocks are also mostly up with sharp gains.

Realty stocks are a bit subdued after a buoyant start. Information technology, healthcare and FMCG sectors are witnessing stock specific activity. Midcap and smallcap stocks have retreated a bit from their highs.

Among Sensex stocks, only Cipla (down 0.3%) is down in negative territory at present. Among Nifty stocks, IDFC (down 3.5%), Kotak Bank (down 1%), HCL Technologies (down 0.4%) and Ranbaxy Laboratories (down 0.2%) are trading weak.

ICICI Bank rules firm with a handsome gain of 6.5%. Mahindra & Mahindra has rallied to Rs 685.50, gaining 5.5% in the process. Tata Power has gained around 4.8%, while Bharti Airtel is up by a little over 4%.

BHEL, Hindalco, Maruti Suzuki, HDFC, Reliance Industries and HDFC Bank are up 2.5% - 4%. DLF, State Bank of India and Sterlite Industries are trading higher by 2% - 2.3%. Tata Motors, Hero Motocorp, Tata Steel, Larsen & Toubro, Infosys, Jindal Steel, ONGC, NTPC, Wipro, Tata Consultancy Services and Jaiprakash Associates are also up with smart gains.

Jain Irrigation Systems has gained more than 7% thanks to bargain hunting after recent sharp losses. Titan Industries, Indiabulls Real Estate, Sintex Industries, Sesa Goa, JSW Steel and Manappuram Finance are up 5% - 7%.

SAIL, Biocon, Shree Renuka Sugars, Bharat Forge, Bank of Baroda, Opto Circuits, Engineers India, Axis Bank, NHPC and Financial Technologies are among the other major gainers.

NDTV is up more than 4.5% at Rs 26.30 following Oswal group promoted, Oswal Green Tech acquiring 14.17% stake in the company through open market purchase for Rs 24.24 crore. Oswal group had bought 9.13 million equity shares in two separate block deals on Tuesday from the investment arms of Merrill Lynch and Nomura Capital. While Merrill Lynch Capital Markets Espana sold 5.10 million shares at Rs 26.55 a share, Nomura Mauritius sold 4.03 million shares each at Rs 26.75, according to the data available from BSE.

GTL group stocks are trading sharply higher today on reports that the management has resolved all differences to finalise a comprehensive debt restructuring plan for its group companies. The three group companies, the flagship GTL Ltd, GTL Infrastructure and Chennai Networks Infrastructure Ltd, a special purpose vehicle (SPV) used to acquire Aircel’s tower portfolio, have a combined debt of Rs 16,200 crore.

Ashok Leyland has announced that it will increase its stake in British bus maker Optare Plc to 75.1 per cent following a re-finance arrangement. The stock is down 3% at Rs 21 at present.

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McNally Bharat Engineering Company Ltd shares are up 2.3% at Rs 82.75 on strong buying on the back of reports the company has bagged three orders worth an aggregate Rs 104 crore.

Punj Lloyd Ltd has informed that it has been awarded a contract for construction of Naptha Feed Pipeline from Hazira to Dahej including associated terminal works by Oil and Natural Gas Corporation Ltd. The project worth Rs. 113 crores is scheduled to be completed within a period of 14 months. The Punj Lloyd stock is up more than a percent at Rs 37.85 now.