Sensex up nearly 200 points as stocks open on buoyant note

Trading got off to a buoyant start on the major Indian bourses this morning with investors indulging in some hectic buying almost across the board following a positive lead from Asian markets. Bargain hunting after the previous session's sharp setback is also contributing to the rally.

The Sensex, which spurted to 17,081.54, is now up 196.70 points or 1.18% at 17,060. The Nifty index of the National Stock Exchange is up 61 points or 1.2% at 5148.30.

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Bank stocks are among the most prominent gainers, with investors thronging the counters amid reports that the government is likely to infuse nearly Rs 8000 crore into State Bank of India. Mirroring strong gains posted by key stocks in the banking space, the Bankex has moved up by over 2% now.

Realty, information technology, consumer durables, metal and oil stocks are mostly trading notably higher. There are impressive gains for select stocks from automobile and FMCG sectors as well. Besides a number of large cap stocks, several stocks from midcap and smallcap sections too have rallied sharply this morning.

State Bank of India is up 3% at Rs 2050. ICICI Bank is trading 2.5% up ahead of announcement of results. HDFC Bank is up with a gain of 1.4% at Rs 486.

Realty stock DLF has gained 2.3%. Reliance Industries, Tata Consultancy Services, Infosys, Tata Steel, Jindal Steel, Sterlite Industries, ONGC, Mahindra & Mahindra, Tata Motors, Bajaj Auto, Tata Power, GAIL India and Hindalco are up 1% - 2%.

Wipro, BHEL, Bharti Airtel, HDFC, ITC and Sun Pharmaceuticals are also trading in positive territory with smart gains.

Axis Bank, IDFC, SAIL, Reliance Communications, Punjab National Bank and HCL Technologies are up 2% - 2.75%. Reliance Infrastructure, Kotak Bank, ACC, Sesa Goa, Reliance Power, Ambuja Cements, BPCL and Ranbaxy Laboratories are also up with strong gains.

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Siemens is down with a loss of 1.1% at Rs 732.85. Coal India is down by a little over 1% at Rs 332. NTPC, Hindustan Unilever, Grasim Industries and Cipla are also trading weak, albeit with less pronounced losses.