Markets continue to trade on a strong note in the morning deals on the back of buying visible across the board. The Sensex is up 399 points at 18,420 and the 50-share Nifty is up 124 points at 5,559.
Meanwhile, Hindalco continued to remain the top Sensex gainer. The stock is up 6.4% at Rs 116. Jindal Steel, ICICI Bank, SBHI, Tata Steel, Tata Motors and Sterlite Industries have also jumped 4-5% each.
Among the individual stocks, Shares of state run, oil marketing companies (OMCs), Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOC) have rallied up to 6% after the government raised the price of diesel by Rs 5 per liter from today.
Banking shares are in limelight in morning trades with most of the frontline stocks rallied up to 10% on hopes of interest rates cut.
Essar Oil is trading higher by 6% at Rs 51.20 after the Supreme Court directed the company to pay the balance sale tax dues in installments spread over two years.
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(Updated at 10.50 AM)
Markets have showcased a gap up opening in trades today after the U.S. Federal Reserve announced an aggressive new stimulus to drive job creation in the US economy. Much awaited diesel price hike by the government also boosted the investor sentiment.
The Sensex has jumped by 380 points to 18,402 and the 50-share Nifty jumped 111 points to open at 5,546 levels.
Overnight, The Federal Reserve launched another aggressive stimulus program on Thursday, saying it would pump $40 billion into the U.S. economy each month until it saw a sustained upturn in the weak jobs market.
The central bank's decision to tie its controversial bond buying directly to economic conditions was an unprecedented step that marked a big escalation in its efforts to drive U.S. unemployment lower. Stock prices jumped, while gold hit a six-month high as investors braced for higher inflation.
The US markets reacted positively to the move and closed higher. The Dow Jones ended higher by 1.5% at 13,540, Nasdaq advanced 1.3% to close at 3,154 and the S&P 500 closed higher by
Back home, the diesel price hike announced post the market hours yesterday also boosted the investor sentiment. The government has raised price of diesel by Rs 5 per litre.
Buying is visible across the board all the Sensex stocks have opened higher. Hindalco is the top gainer from this space. The stock has advanced 5% to open at Rs 115. Gail India, Tata Steel, ICICI Bank, Jindal Steel, SBI, Tata Power, Tata Motors, Sterlite Industries, Larsen & Toubro and Infosys have also opened higher by 2-5% each.
On the sectoral front, the BSE banking index- bankex is the top gainer. It has advanced 3% or 328 points to 12,031. Metal, realty, oil & gas, auto, PSU, capital goods, power and IT indices have also advanced 1.5-2.6% each.
Shares of state run, oil marketing companies (OMCs), Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOC) have rallied up to 6% after the government raised the price of diesel by Rs 5 per liter from today.
For the oil marketing companies, the under-recoveries over selling the fuel at a subsidized rate stood at Rs. 2,05,000 crore.
The broader markets have also opened on higher. The BSE mid-cap and small-cap indices have advanced 1% each.
The overall breadth is positive 1,100 stocks are advancing while 250 are declining.
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