The market has surged higher in afternoon trade, with some front line stocks from banking, capital goods, oil and metal sectors posting impressive gains on renewed buying support.
Select stocks from realty and automobile sectors are also up with notable gains. Information technology and healthcare stocks are a bit weak.
The Sensex is up 141.51 points or 0.63% at 22,545.40. The Nifty is up 32 points or 0.48% at 6726.80.
Among the stocks in the Oil & Gas index, ONGC and Reliance Industries are up 4% and 3.1%, respectively. Hindustan Petroleum Corporation, BPCL, Indian Oil Corporation, Indraprastha Gas and Petronet LNG are higher by 1.3% - 2%. GAIL India and Oil India are up 1% and 0.7%, respectively.
Capital goods stocks Suzlon Energy, IL&FS Transportation Networks, Crompton Greaves, Jindal Saw and Larsen & Toubro are up 2% - 6.5%. Sadbhav Engineering, VA Tech Wabag, Punj Lloyd and Bharat Electronics are also trading firm.
Among the stocks in the Bankex, Axis Bank is up more than 2%. Bank of India, ICICI Bank, Punjab National Bank and Federal Bank are higher by 1% - 1.5%. Canara Bank, IndusInd Bank and Kotak Bank are up with modest gains, while HDFC Bank and State Bank of India are up marginally.
In the metal space, Hindalco is up as much as 5.6%. Jindal Steel & Power is up 3.5% and SAIL is trading higher by about 2.7%. JSW Steel, Tata Steel and Sesa Sterlite are also up with strong gains.
Pfizer is down nearly 2% at Rs 1258 on disappointing results. The pharmaceutical company said its net profit declined 3.66% to Rs 56.03 crore for the quarter ended 31 March 2014 from the previous corresponding quarter.
Shares of V-Guard Industries are up nearly 8% at Rs 525 (the stock rose to Rs 547.60 earlier in the day) thanks to an impressive 129% surge in net profit for the quarter ended March 2014.
Deepak Nitrite is up 8.5% following an announcement from the company that its board has approved stock split and bonus issue. The company's net profit saw a rise of 68.25% to Rs 15.85 crore in the quarter ended 31 March 2014 from the year ago period.