With several blue chip stocks, led by heavyweight Reliance Industries, trading firm on sustained buying interest, the market, which shrugged off a mild setback and moved higher this morning, remains well entrenched in positive territory now.
The Sensex, which rose to 19,880.81, is now up 144 points or 0.73% at 19,848.33. The Nifty index of the National Stock Exchange is up 43.25 points or 0.72% at 6026.80.
Reliance Industries is trading stronger by around 4.2% at Rs 819. After market hours on Friday, Reliance Industries announced a significant gas and condensate discovery in the KG D6 block off the eastern coast of India.
Bharti Airtel, the telecom major, is up more than 3.5% at Rs 309.50. IndusInd Bank, Jindal Steel & Power, Tata Consultancy Services, HCL Technologies, HDFC Bank, Reliance Infrastructure, Ultratech Cement, HDFC, Infosys,NTPC, Jaiprakash Associates and Hindalco are all up 1% - 2.2%.
Sun Pharmaceutical Industries, which declined sharply in the previous session following disappointing results from its subsidiary Taro Pharmaceuticals, is up more than 3% on renewed buying at the counter. Dr Reddy's Laboratories and Ranbaxy Laboratories are up 1.7% and 1.4%, respectively.
Automobile stocks Bajaj Auto (down 2.3%), Mahindra & Mahindra (down 1.8%) and Maruti Suzuki (down 1.4%) are down sharply. Lupin is trading lower by nearly 2% and Cipla is down with a loss of 0.6%. Bank of Baroda, Axis Bank, Ambuja Cements, Sesa Goa, IDFC, ONGC, Tata Power, DLF and Larsen & Toubro are also trading weak.
SpiceJet shares lost nearly 2% following the company reporting a net loss of Rs 186 crore for the quarter ended March 2013, as against net loss of Rs 249 crore in the corresponding quarter last financial year.
Britannia Industris is up nearly 16% at Rs 666 thanks to impressive results. Britannia Industries announced after trading hours on Friday that its net profit jumped 65.7% to Rs 87.85 crore on 13.5% growth in net sales to Rs 1486.63 crore in the January - March 2013 quarter, as compared to the year ago quarter. For the year ended 31 March 2013, the company reported a 25.2% jump in net profit to Rs 233.87 crore on 12.5% growth in net sales.
Reliance Communications is up nearly 4% at Rs 112.80 on reports the company has raised basic rates for both GSM and CDMA pre-paid mobile-to-mobile calls by 33% to 2 paise per second from 1.5 paise per second.
In the currency market, the rupee declined to 55.73 against the U.S. dollar, losing 10 paise. The currency, which has now lost ground for the tenth successive day, had ended at 55.63 against the greenback on Friday, losing 4 paise.