After the announcement by Oil Minister, Murli Deora that deregulation of oil prices would go to the Cabinet in 6-8 weeks, markets have rallied to high of 14,692. The index is now 376 points higher at 14,672.
The BSE Realty and the Oil & Gas indices are up over 4% each at 3,741 and 10,507, respectively.
Mahindra & Mahindra and ACC have surged over 7% at Rs 686 and Rs 772, respectively.
Jaiprakash Associates and ONGC have soared 5.8% to Rs 203 and Rs 1,197, respectively.
TCS has advanced 5% at Rs 693 .Larsen & Toubro and Tata Steel have added 4% each at Rs 1,397 and Rs 399, respectively.
Bharti Airtel, Reliance Communications, BHEL, Reliance Infrastructures, DLF, Sterlite, Maruti, ICICI Bank and Infosys have advanced 2-4% each.
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However, Sun Pharma has slumped 6.5% to Rs 1,234.
The market breadth is highly positive, out of 2,703 shares traded, 2,201 have advanced and only 453 have declined so far on the BSE.