Markets are trading near the day's highs on the back of broad-based buying visible in key frontline stocks. The rise comes after the political logjam over allowing foreign direct investment (FDI) in the retail sector seems to have given way to a discussion in Parliament, which allows voting post the debate. The BSE Sensex has gained 231 points at 19,073 while Nifty is up 65 points at 5,792 on the day of the derivatives expiry.
"Nifty future has seen decent run up in last two sessions and showing momentum. Put Call Ratio based on Open Interest of Nifty has jumped up to 1.17 levels with aggresive Put writing at lower strike," said Chandan Taparia, Derivative Analyst, Anand Rathi Financial Services.
Meanwhile in Asia, markets have surged as investors cheered U.S. President Barack Obama and House Speaker John Boehner's optimism about a deal to solve the upcoming “fiscal cliff". Hang Seng, Nikkei and Taiwan Weighted have advanced 1% each in trades. Shanghai Composite however have seen some selling pressure and is down 0.3% at 1,969.
Among the sectoral indices, BSE realty index has gained 3% at 1,995. Auto, metal and bankex have surged 1.5-2% each. Meanwhile, weakness can be seen in IT shares. BSE IT index is down 0.5% at 5842.
Financials are leading the gains. HDFC and ICICI Bank have contributed around 65 points to the index's upmove on the BSE. Sterlite is the top gainer - up 4.5% at Rs 107. tata Motors and Bajaj Auto from the auto space - are up 4% aech. Among other gainers are Cipla, Larsen & Toubro, Reliance and ONGC.
On the other hand, Infosys is down 1.5% at Rs 2,432. BHEL and Maruti are down half a per cent each.
BSE market is also positive. Out of 2,831 stocks traded, 1615 stocks have advanced while 1097 stocks have declined.
Explore Business Standard