The market, which shrugged off a weak spell around late morning and edged higher past noon, has gained further ground in positive territory now thanks to sustained buying in oil, auto, capital goods, metal and power stocks.
Information technology stocks are also finding good support. Pharma stocks are off their lows. Select realty and PSU stocks have surged higher. Bank and FMCG stocks remain a bit subdued.
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The Sensex is up 95.63 points or 1.22% at 17,260.62 at present. The Nifty index of the National Stock Exchange is up 34.25 points or 0.67% at 5163.15.
Asian markets ended on a mixed note today. European markets have opened on a positive note and this has resulted in some brisk buying at several blue chip counters on the major Indian bourses this afternoon. Higher advance tax payments made by some leading companies and hopes of strong January - March quarter results are also buoying up sentiment to an extent.
Besides several large cap stocks, a number of stocks from midcap and smallcap sections too have rallied sharply this afternoon. The market breadth is quite positive at present.
Reliance Industries, which has contributed significantly to the market's rise this afternoon, is up 3.2% at Rs 1060. Tata Motors, Tata Power, Larsen & Toubro, Mahindra & Mahindra, Sun Pharmaceuticals and Tata Steel are up 1.5% - 2%.
Hindalco has gained 1.4% at Rs 168. Tata Consultancy Services, Reliance Infrastructure, Reliance Communications, NTPC, Hindustan Unilever, Maruti Suzuki, ONGC, Infosys Technologies, Hero Honda and Grasim Industries are up with modest gains.
BPCL has gained 2.65%. Jindal Steel, SAIL, HCL Technologies, Reliance Power, Suzlon Energy, Ranbaxy Laboratories, Cairn India, GAIL India, Idea Cellular and Siemens are also trading notably higher.
ACC, Bharti Airtel, HDFC Bank, ITC, Jaiprakash Associates, Ambuja Cements, Axis Bank, Wipro, State Bank of India and ICICI bank are trading weak. DLF and Sterlite Industries are also exhibiting weakness.
Educomp Solutions (up 4.2% at Rs 766) has moved up on strong volumes today. Shree Renuka Sugars (up 3.4% at Rs 79.), Texmo Pipes (up 2.35% at Rs 157) and Apollo Tyres (up 9% at Rs 70) have also risen sharply on impressive volumes.
