The market, which opened on a firm note this morning on strong global cues, has rallied further up north in afternoon trade thanks to sustained buying in several blue chip stocks from across various sectors. Mirroring fairly widespread buying, all the sectoral indces are up in positive territory at present.
At 17,603, the Sensex is now up 190.07 points or 1.08% from its previous closing mark. The Nifty index of the National Stock Exchange is up 57.90 points or 1.06% at 5340.50.
Stocks from automobile, realty and banking sectors are trading higher amid hopes that the government will exert pressure on the RBI to ease monetary policy. Following the finance minister's statement on Monday, investors are looking forward to some concrete measures from the government to rein in fiscal deficit. Chidambaram said on Monday that the government would shortly announce measures to tackle investments in mutual funds.
Among the stocks from the Auto index Tata Motors is up by over 4%, Bajaj Auto is trading 2.6% up and Maruti Suzuki is up nearly a percent. Mahindra & Mahindra is up marginally, while Hero Motocorp is down in negative territory with a loss of around 1.3%.
Heavyweights State Bank of India (2%) and ICICI Bank (1.5%) are among the top gainers in the Bankex. HDFC Bank is up marginally. Axis Bank, Bank of Baroda, Federal Bank, IDBI Bank, IndusInd Bank, Punjab National Bank and Yes Bank are up 1.3% - 2.5% now.
Dena Bank, Indian Overseas Bank, J&K Bank, State Bank of Mysore, Syndicate Bank and Uco Bank are among the other prominent gainers in the banking space.
Realty stock DLF is up nearly 2.5%. HDIL, Phoenix Mills, Anant Raj Industries and Sobha Developers are the other notable gainers in the Realty index. Godrej Properties, Indiabulls Real Estate, Prestige Estates, Unitech and Parsvnath Developers are also trading firm.
Information technology stocks continue to trade firm, buoyed by impressive results from Cognizant Technology Solutions Inc. Infosys is up 1.8% and Tata Consultancy Services is trading 2% up and Wipro is up with a gain of about 0.5%. HCL Technologies
Metal and capital goods stocks are moving higher after remaining slightly subdued early on. Oil stocks are gaining in strength as well. Select power, pharmaceuticals, consumer durables and FMCG stocks are edging up on renewed buying interest.
Jindal Steel, GAIL India, BHEL, HDFC, Hindustan Unilever and Reliance Industries are up 1% - 2%. Hindalco, ONGC, Sun Pharmaceutical Industries, Tata Power, Tata Steel, Sterlite Industries, Dr Reddy's Laboratories and Larsen & Toubro are also trading firm.
Engineers India gained more than 3% following an announcement from the company that it has secured a project management consultancy contract from GSPL India Transco Limited, for Mallavaram-Bhopal- Bhilwara-Vijaipur Natural Gas Pipeline project.
NHPC Ltd shares are up 1.5% at Rs 18.25. The company has announced that it has posted a net profit of Rs 669.81 crore for the quarter ended June 30, 2012 as compared to Rs 791.05 crore for the quarter ended June 30, 2011.
Bharat Earth Movers lost over 4% and plunged to a 4-year low in the process today after the company reported a net loss of Rs 39 crore for the quarter ended June 30, 2012, due to fall in operational income and higher operating cost. The company had reported a net profit of Rs 8.61 crore during the corresponding quarter of previous fiscal.