 "Markets trim gains; Nifty hovers around 7,900")
At 2:50pm, the S&P BSE Sensex was up 155 points at 25,808 and the Nifty50 was up 43 points at 7,903.
In the financial segment, Axis Bank, HDFC and ICICI Bank were up 1%-3.7% each.
IT majors TCS and Infosys were up 0.7%-1.3% each.
Oil shares rose on the back of higher crude prices. ONGC was up over 4% while Cairn India was up nearly 4%.
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(updated at 12:45pm)
Benchmark indices have extended gains and are trading near day’s high supported global cues along with strong buying among financials and oil shares.
At 12:45 pm, the S&P BSE Sensex gained 230 points at 25,883 and the Nifty50 rose 68 points to 7,929.
Top gainers from the Sensex pack are ONGC, HDFC, Axis Bank, M&M and GAIL, all surging between 2%-4%.
Among other shares, Motherson Sumi Systems (MSSL) has moved higher by 8% to Rs 290, bouncing back 11% from intra-day low on the BSE after the company reported better than expected 22% year on year (YoY) jump in its consolidated net profit at Rs 414 crore for the fourth quarter ended March 31, 2016 (Q4FY16).
Mangalam Timber Products is locked in upper circuit for the fourth straight trading sessions, up 10% at Rs 33.70, also its 52-week high on the BSE. In past four trading sessions, the stock has zoomed 90% from Rs 17.75 on May 11, 2016.
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Updated at 12 noon
Benchmark share indices continued to trade with firm gains with oil explorers leading the gains tracking a rally in global crude oil prices.
At 12pm, the S&P BSE Sensex gained 174 points at 25,827 and the Nifty50 rose 51 points to 7,912. In the broader market, the BSE Midcap and Smallcap were up 0.4%-0.5% each. Market breadth was strong with 1242 gainers and 925 losers on the BSE.
Foreign portfolio investors were net sellers in equities worth Rs 80 crore on Monday as per provisional data released by the stock exchanges.
Brent crude for July was trading 0.5% higher at $49.22 a barrel.
Meanwhile, the Reserve Bank of India (RBI) on Monday allowed foreign portfolio investors (FPIs) to invest in unlisted bonds of a public company and securitised debt instruments. Investment by Indian firms in their foreign ventures fell by almost 84 per cent to $4.11 billion in April 2016, according to RBI data.
The rupee came off its early highs but was trading 9 paise higher at 66.72 against the dollar in early trade today at the Interbank Foreign Exchange on increased selling of the US currency by exporters and banks.
Among oil explorers, ONGC, Cairn India and Oil India were up 2.3%-3.2% each.
In the financial segment, Axis Bank, HDFC and ICICI Bank were up 0.5%-2.8% each.
IT majors TCS and Infosys were also among the contributors to the gains rising over 0.5% each.
ITC was trading with marginal gains. The FMCG major announced that the scheme of amalgamation of BFIL Finance with Russell Credit became effective from May 16. BFIL Finance is a wholly owned subsidiary of Russell Credit, which in turn is a wholly owned subsidiary of ITC.
Coal India and NTPC are in focus on plans to form a joint venture company to take up the revival of fertiliser plants of Fertiliser Corporation of India at select locations. NTPC eased 1.7% while Coal India was trading flat with positive bias.
BHEL has come off its early highs. The engineering major said it has bagged a Rs 1,600 crore order from a joint-venture company of NTPC and SAIL to set up a coal-based thermal power project in Odisha.
Shares of public sector oil marketing companies (PSU OMCs) are trading firm after increasing prices of petrol by 83 paise per liter and dieael rates by Rs 1.26 per liter in order to align the domestic rates of the automobile fuels with global prices. Post the change, effective today, petrol will be priced at Rs 63.02 per liter while a liter of diesel will cost Rs 51.67 per liter in Delhi, including state taxes. IOC, HPCL and BPCL are up 1%-3%.
Among others, Mangalam Timber Products is locked in upper circuit for the fourth straight trading sessions, up 10% at Rs 33.70, also its 52-week high on the BSE. In past four trading sessions, the stock has zoomed 90% from Rs 17.75 on May 11, 2016.