The market, which moved in a tight band after a somewhat shaky start, moved higher in early afternoon trade following a positive lead from European markets where stocks surged higher amid expectations of some monetary easing by the European Central Bank.
Information technology stocks, led by Infosys, are trading higher on strong buying support today. Bank, metal, realty and automobile stocks are also finding good support. Select stocks from oil and healthcare sectors are trading firm as well. Capital goods and consumer durables stocks are mostly flat, while FMCG stocks are trading weak on profit taking.
At 17,403.91, the Sensex is now up 90.59 points or 0.52% from its previous closing mark. The Nifty is up 24 points or 0.46% at 5249.70
Infosys, gaining in strength amid reports the company is not looking at some big acquisitions, is trading more than 3.5% up at Rs 2422. Wipro has notched up a gain of over 4% and Tata Consultancy Services is up with a gain of 0.8%.
Polaris, Hexaware Technologies, MindTree, Educomp Solutions, Mphasis, Financial Technologies, Tech Mahindra, HCL Technologies, HCL Infosys and CMC are also up in positive territory with sharp to moderate gains.
Ambuja Cements is trading higher by nearly 5%. Jindal Steel, Jaiprakash Associates, Axis Bank, ICICI Bank and ACC are up more than 2%.
State Bank of India, Maruti Suzuki, NTPC, ONGC, Hindalco, Sterlite Industries, Tata Motors, SAIL, Asian Paints, GAIL India, DLF and Tata Steel are also trading notably higher.
Among the prominent losers, BHEL is down 2.4%, ITC is trading 2.3% down and Bharti Airtel is down with a loss of 1.8%. Power Grid Corporation, IDFC, Ranbaxy Laboratories, Hindustan Unilever, Reliance Infrastructure and Cairn India are also trading notably lower.
Amid reports the committee on economic affairs will meet sometime next week to consider disinvetment of government's stake, Neyveli Lignite Corporation, Hindustan Copper and MMTC have moved up sharply this afteroon.