 "Markets surge in opening deals, Auto & Banks gain")
By 9:45, the Sensex was higher by 133 points at 19,011 whereas the Nifty surged by 38 points at 5,735.
Global risk appetite improved amid speculation the Federal Reserve will continue stimulus measures to boost the world’s biggest economy, US. Dow Jones gained 38 points to 14127.82 while Nasdaq rose 12 points to end at 3182.03.
Asian shares rebounded strongly on Tuesday after a sharp sell-off triggered by slumping Chinese stocks the previous session, as a globally accommodative monetary stance helped revive risk appetite.
The MSCI's broadest index of Asia-Pacific shares outside Japan jumped 1% after tumbling 1.3% as Chinese shares dived on concerns Beijing's move to tighten the housing market could weigh on growth.
Back home, BSE Realty index has surged by almost 2% followed by counters like Metal, Auto, Banks, IT, Oil & Gas, TECk and Power, all gaining by nearly 1% each.
The main gainers on the Sensex at this hour include Tata Motors, ICICI Bank, Hindalco, JSPL, RIL and Wipro, all gaining between 1-3%.
Tata Motors is the top Sensex gainer, up by neraly 3%. Tata Motors, India’s largest automaker by revenues, has slashed the prices of its hatchbacks and sedans by up to Rs 50,000, to stimulate sagging sales.
On the losing side, Bajaj Auto, Bharti Airtel, DRL, ONGC and HDFC Bank have declined between 0.1-1%.
Among other shares, GMR Group is planning to sell 70 per cent stake in GMR Energy to FPM Power for $533.5 million. GMR Infra moved up over 3 per cent in early deals today.
Gains were also visible in Polaris, which is planning to spin off IT services business.
Natco Pharma has rallied almost 6% to Rs 450 in opening deals after the Hyderabad-based company win cancer drug cast against multinational pharma major Bayer Corporation.
Essar Oil is trading higher by 5% to Rs 76.20 after the company said that the ministry of environment and forests has granted the phase-III clearance for the company’s Raniganj block in West Bengal, allowing it to increase drilling to 650 wells.
The market breadth in BSE remains firm with 1,022 shares advancing and 498 shares declining.