Markets continue to hold on to its morning gains with the Sensex up 140 points at 19,566 and the Nifty was up 41 points at 5,946. The ones leading the index gains were HDFC, L&T and banks.
Meanwhile, in the broader markets, the midcap and the smallcaps advanced with 0.8% gains outperforming the Sensex which gained 0.7%.
Shares of interest rate sensitive sectors mainly banking and real estate are in focus on optimism of Reserve Bank of India easing monetary policy this month.
The BSE real estate sector index Realty, was the largest gainer among the sectoral indices, up almost 2%. The banking index Bankex, traded at its 52-week high, was up 1.1% at 14,508.
Among the individual stocks, Unitech, Bombay Dyeing and Indiabulls Real Estate from realty and State Bank of India, Canara Bank and Bank of India from banking are trading higher by 2-3%.
Among other names, Tulip Telecom was locked in 5% upper circuit of Rs 34.20 on the NSE after the company said its board approved long term debt-restructuring plans.
Punjab and Sind Bank rallied 5% to Rs 75.50 on the BSE after the board of the state-owned bank approved fund raising plans up to Rs 1,000 crore through preferential issue to the government of India and/or to other institutions.
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Markets have started 2013 on a positive note with the Sensex and the Nifty starting up 0.7% each on the back of buying across the sectors.
At 9.30, the BSE benchmark index was up 148 points at 19574 and the Nifty gained 42 points to trade at 5947.
The broader markets too started off in line with the Sensex adding 0.7% each.
Meanwhile, most world markets were shut on account of the New Year, even as the U.S. Congress and the White House battled it out for a solution to the impending “fiscal cliff”.
U.S. stocks gained on Monday with the Dow jumping 1.3 per cent to 13,104. Nasdaq and S&P 500 surged 1-2 per cent each.
In Asia, all the markets were shut barring India on account of New Year.
Back home, all the sectoral indices opened higher with the Realty, Metal and Consumer Durables leading the opening gains with over 1% gains. Capital Goods, Bankex, Power and Auto indices were the other notable index movers in the opening trades.
The only loser among the Sensex pack was Hero MotoCorp down 0.1% at Rs 1896.
Jindal Steel, Hindalco, Tata Steel, HDFC, Sterlite, BHEL, SBI, L&T, Tata Motors and ICICI Bank were the top gainers up 1-2% in opening trades.
Among other stocks, Godrej Consumer Products Ltd is shot up 3% at Rs 742 after the company said Keyline Brands Limited, its subsidiary in the United Kingdom, has acquired the Soft & Gentle brand from Colgate-Palmolive.
Petron Engineering Construction surged 15% to Rs 152 in morning deals after the company said it has received an order worth of Rs 42 crore from Madras Cements.
The market breadth was very positive with 1172 stock advances while 314 stocks declined on the BSE.