Markets continued to move in the positive zone with the Sensex gaining 185 points at 19,054. Nifty was up 61 points at 5,792.
BSE realty index has surged 3.3% to 1,915. Bankex, capital goods and power indices are also up.
Bharat Heavy Electrical Limited is trading higher by over5% to Rs 262, also its four month high, on back of heavy volumes. The stock opened at Rs 251 and has seen a combined 3.63 million shares changing hands on the counter till early noon deals on both the exchanges.
Shares of state-owned oil marketing companies such as BPCL, HPCL and IOC, have rallied more than 4% each on hike in non-subsidized cooking gas prices by 17% to Rs 883 per cylinder effective from October 1.
Kingfisher Airlines' stock continued to fall the fourth consecutive day, and was down 4.79% during intra-day with even as news reports came in that the airline has agreed to pay March salaries in the next 10 days.
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(Updated at 1050 hrs)
Markets continued to trade firm in morning trades with the Sensex gaining 175 points at 19,045. Buying in Indian stocks, by foreign institutional investors as well as government reform agenda have buoyed markets higher. Nifty is up 47 points at 5,778.
Meanwhile, the rupee today rose above the Rs 52 level by gaining 28 paise to fresh five-and-half month high of 51.88 against the American currency in early trade on persistent dollar selling by exporters amid hopes of further reforms measures.
Broader markets gained in line with the benchmark indices. BSE mid-cap index is up 51 points at 6,755 while small-cap index has gone up 46 points at 7,232.
Most of the sectoral indices, barring IT and healthcare, are trading in the green. BSE realty index is up 2.5% at 1,898. Bankex, capital goods, power and oil & gas index are up 1-2% each. However, the IT index has slipped 0.4% at 5,998.
Index heavyweight Reliance Industries rose 1.21% after company said that RIL and Venezuelan state run oil company Petroleos de Venezuela have signed a 15 year heavy crude oil supply contract and a memorandum of understanding with PDVSA to further development of Venezuelan heavy oil fields.
Bharti Airtel is trading higher by 3% at Rs 272 after the Delhi High Court (HC) said not to take action against the company. The high court has granted a stay on a government order asking the telecom major to stop offering 3G mobile services outside their licensed areas through roaming pacts.
Gujarat Gas Company has tanked almost 12% to Rs 297 in opening deals after British Gas (BG) sold controlling stake in its Indian subsidiary to the state-owned company Gujarat State Petroleum Corporation (GSPC) for Rs 2,464 crore.
Shares of companies engaged in insurance business such as Aditya Birla Nuvo, Max India, Reliance Capital and Bajaj Finserv are in focus in morning trades on optimism for government action. The Union Cabinet will consider today to approve a proposal to hike the cap on foreign direct investment in the insurance sector from 26% to 49%.
BSE market breadth is positive. Out of 2,428 stocks traded, 1,513 shares have advanced while 796 shares have declined.
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