The Sensex has gained 796 points or 4.8% and the Nifty has added 235 points or 4.7% in the last five trading sessions.
The markets have registered fifth straight day of gains and touched new 6-week highs in the process. The Sensex ended at 17412, higher by 74 points and the Nifty ended at 5222, up 34 points. The midcap space ended at 6974, higher by 26 points and the smallcap index ended at 8824, up 74 points.
The domestic bourses had begun on a quiet note, what with a virtually unchanged Wall Street and a sluggish Asia for inspiration. The tentativeness continued till noon as the European bourses, which have been increasingly determining the market direction back home, edging lower in early trades. But a bounceback on the FTSE, DAC and CAC was enough to buoy the sentiment on Dalal Street.
Meanwhile, the collection of indirect taxes, which include customs, central excise and service tax, rose by 49% to around Rs 35,000 crore during April-May this fiscal.
RCom strengthened by 4.2% at Rs 186 to emerge as the leading gainer on the BSE in the wake of plans to demerge Rel Infratel. Sterlite gained 3.4% at Rs 675 ahead of June 22, which is the record date for a 2-1 stock split and a 1:1 bonus issue. DLF added 2.9% at Rs 272 and index heavyweight RIL ended flat, with a positive bias, at Rs 1065.
PSU hogged the limelight in the broader market space. MMTC zoomed 20% to Rs 34,476 after the government announced plans to consider a proposal for bonus issue and stock split. The company's board is scheduled to meet on June 29 for the purpose. With the government approving the 20% sale in Hindustan Copper--10% through fresh equity and another 10% by divesting the government's stake---and 10% stake sale in Coal India, Hindustan Copper surged by 9% to Rs 513. Besides, STC spurted by 4.5% at Rs 434 and NMDC appreciated by 2.2% at Rs 262.
And RNRL zoomed another 11% on hopes of a fresh RIL gas pact. The ADAG stock had jumped by 17% on Monday.
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On the losers side, ONGC weakened by 2.5% at Rs 1166, TCS shed 1.9% at Rs 765 and Maruti lost 0.8% at Rs 1343.
The market breadth was positive. Out of 2,961 stocks traded on the BSE, there were 1,650 advancing stocks as against 1,185 declines.
SBI topped the value charts on the BSE with a total turnover of Rs 110.15 crore. This was followed by RCom (Rs 95.34 crore), Reliance Infra (Rs 91.86 crore), RIL (Rs 85.30 crore) and Tata Steel (Rs 81.88 crore).
RCom led the volume charts with trades of 5.14 million. It was followed by Jaiprakash Associates (2.27 million), DLF (2.10 million), Hindalco (1.85 million) and Tata Steel (1.68 million).