Benchmark share indices ended higher on Thursday, amid firm global cues, led by gains in index heavyweights Reliance Industries and Infosys.
The 30-share Sensex provisionally ended up 88 points at 17,273 and the 50-share Nifty ended up 26 points at 5,242.
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(Updated at 14:17hrs)
Key share indices continue to maintain the upbeat trend amid volatility led by support from Infosys, RIL, banking and auto shares. Positive opening of the European markets has also helped the local investors to hold on to the gains.
At 1415 hrs, the Sensex was up 64 points at 17,249 and the Nifty gained 17 points at 5,234 levels. The Sensex and Nifty have touched the intra-day high of 17,319 mark and 5,258 levels, respectively.
On the global front, European shares rose to 11-week highs on Thursday as strong U.S. corporate profits lifted sentiment, while signs of stress in the European debt market kept the single currency trading just above a two-year low.
Pressure also remains on the dollar after Federal Reserve Chairman Ben Bernanke kept alive talk of more monetary easing in his latest remarks to the U.S. Congress, though he played down the risks of a double-dip recession. CAC, DAX and FTSE have gained between 0.2-1%.
Back home, BSE Technology and Consumer Durable indices have zoomed by almost 2% followed by counters like Metal, Power, Realty, Oil & Gas and Capital Goods, all gaining by over 1% each. However, BSE Auto and FMCG indices are trading marginally negative.
From the Consumer Durable space, Bajaj Electricals, Gitanjali Gems, Rajesh Exports, Titan Inds, TTK Prestige and Whirlpool have gained between 1-4%.
IT major and index heavyweight Infosys is the top Sensex gainer, up over 3% on value buying at lower levels after the stock witnessed selling pressure last week following lower dollar revenue guidance for FY13. Wipro and TCS have gained by nearly 1% each.
Index heavyweight Reliance Inds has gained by almost 2%. Nomura upgraded Reliance Industries to "buy" from "neutral" on Thursday, saying exploration and production risks have already been priced into share valuations, and adding a weak currency will help boost earnings.
Among Capital Goods segment, BHEL and L&T have surged between 1-3%. Shares in Bharat Heavy Electricals and Larsen & Toubro have gained on media reports the cabinet will meet on Thursday to discuss import duties in power equipments.
Power equipment makers have long clamoured for duties citing competition from cheaper imports, especially from China. Tata Power has surged by almost 2%.
From the Metal space, Hindalco, JSPL, Sterlite and Tata Steel have shined between 1-2%. Jindal Steel and Power has jumped on reports that the company is in discussions to acquire controlling stake in Canada's CIC Energy.
Banking and financial shares like ICICI Bank, HDFC Bank and HDFC have surged between 1-2%.
On the losing side, Maruti Suzuki has dropped over 8% after a clash erupted between workers and the managerial staff at its Manesar plant, forcing stoppage of work.
Other notable losers include Bharti Airtel, ITC, SBI, ONGC and Dr Reddy’s Lab.
The broader markets remain marginally positive with BSE Midcap and Smallcap indices gaining between 0.3-1%.
The overall market breadth remains positive as 1,533 stocks are advancing while 1,115 are declining.
