It's a buoyant start for stocks on the Indian bourses this morning, with investors indulging in some brisk buying in oil, FMG and bank stocks, amid hopes the Indian economy will see a strong recovery soon, and on expectations of some monetary easing from the Reserve Bank of India.
Consumer durables, PSU, automobile, power, healthcare and metal stocks are also mostly trading higher. Capital goods stocks too have opened on a steady note. Realty and information technology stocks, which had a good outing on Thursday, have opened on a slightly subdued note.
The BSE benchmark Sensex, which spurted to 19,581.95, is currently up 148 points or 0.77% at 19,561.54. The Nifty index of the National Stock Exchange is up 46.60 points or 0.8% at 5909.90.
Hero Motocorp, extending previous session's gains, is trading stronger by 2.2% at Rs 1750. HDFC is up by a little over 2% at Rs 798 and Jindal Steel & Power is up nearly 2% at Rs 354. GAIL India, ONGC, Mahindra & Mahindra, ITC and Sun Pharmaceutical Indsutries are trading higher by 1.5% - 1.9%.
Tata Steel, Cipla, State Bank of India, Reliance Industries, Bharti Airtel, HDFC Bank, Tata Power, Hindalco, NTPC, Hindustan Unilever, Maruti Suzuki, Wipro, ICICI Bank and Larsen & Toubro are also trading firm.
Larsen & Toubro is up by around half a percent. After trading hours on Thursday, the company announced it has signed an agreement with CMI Energy, Belgium for extension of L&T's license territory to manufacture and supply small heat recovery steam generators installed behind gas turbines below 80 megawatts to South East Asia and the Middle East. Under this agreement, L&T will have the exclusive rights to apply CMI technology in these markets for manufacturing and supplying single wide HRSGs installed behind gas turbines below 80 MW.
BPCL, up 3% at Rs 402.40, is the top gainer in the Nifty index. Cairn India, IDFC, HCL Technologies, Reliance Infrastructure and Bank of Baroda are up 1% - 2%.
Realty stock DLF is down nearly a percent at Rs 276.50. Infosys, Tata Consultancy Services, Dr Reddy's Laboratories, Tata Motors and Siemens are also trading weak.