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Markets edge higher in noon deals with on the back of buying in names like ITC, HDFC, Sun Pharma, Infosys and HUL. At 1300 hrs, the Sensex was up 154 points at 18,943 and the Nifty edged higher by 37 points to trade at 5,603.
In the broader markets, both the mid and smallcap indices gained over 1% each, outperforming the BSE benchmark index which was up 0.8%.
The rupee gained modestly on Monday after another salvo from the Reserve Bank of India to support it by tightening the money supply, but it is seen stuck near record lows unless there are genuine efforts to cut the current account deficit. At 1300 hrs, the Rupee was up 15 paise at 60.74
In Asia, shares rose after Chinese stocks surged to a 3-1/2 week high as investors took heart from last week's encouraging data from the world's second-biggest economy, helping offset a slightly disappointing second quarter Japanese GDP report.
China's CSI300 advanced 1.2%, extending last Friday's rise after factory output grew in July at its fastest pace since the start of the year.
The strong gains in Chinese stocks buoyed Asian shares, with the MSCI Asia-Pacific ex-Japan index index up 0.7% to a one-week high.
Japanese stocks also pared losses after investors had initially cut back some of their risk exposure after data showed its economy grew at a slower-than-expected pace in April-June.
Tokyo's Nikkei share average fell as much as 1.4% to a six-week low and the yen strengthened after the GDP data, but they turned around in late morning trade.
Back home, among the sectoral indices, Bankex and Oil & Gas were the only ones in the red, down 0.8% and 0.2% respectively. Among the ones in the green were Metal, Health Care, FMCG and PSU indices up 1-5%.
Shares of metal companies were in demand, on account of positive economic data from China.Tata Steel, Jindal Steel, Sterlite and Hindalco gained 2.5-8%.
The other major gainers were Sun Pharma, HDFC, Hero MotoCorp, ITC, Coal India, Hindustan Unilever and Cipla, all up 1.5-6%.
Meanwhile, the ones in the red were SBI down 3% at a twenty-month low , after the company posted a disappointing set of quarterly numbers.
Dr Reddys Lab, Tata Power, TCS, RIL and HDFC Bank down 1-2% were the other draggers.
The market breadth was positive on the BSE. 1217 stocks advanced while 751 stocks declined on the BSE.
