The markets have pared its gains partially. The Sensex is now at 17,014, up 92 points and Nifty is 24 points higher at 5,103.
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(Updated at 1206hrs)
The key benchmark indices have been bolstered by better-than-expected index of industrial production (IIP) numbers and the continuing firmness across the Asian markets. The Sensex is quoting at 17086, higher by 163 points and the Nifty is at 5124, up 46 points.
Meanwhile, the industrial output rose much faster than expected at 17.4% in April 2010 from a year earlier. And all the Asian indices have registered gains ranging from 1%-3% each.
M&M continues to top the gainers list on the BSE, having strengthened by 3.2% at Rs 611 and Jindal Steel has gained 3% at Rs 647.
Reliance Industries is seeing buying interest as it is reportedly in talks to buy a stake in shale gas assets owned by Pioneer Natural Resources in the United States. RIL may join Royal Dutch Shell and Exxon Mobil in buying the assets. Pioneer has about 310,000 acres of shale gas acreage in the Eagle Ford region in South Texas. The index heavyweight has added 2.5% at Rs 1041.
And the banking index has added more than 1% in the backdrop of the IIP announcement; HDFC Bank is quoting at Rs 1947, higher by 1.7%, ICICI Bank is at Rs 843, up 1.6% and SBI is at Rs 2345, up 0.8%.
On the other hand, Bharti Airtel is seeing profit-booking after zooming around 8% in the past two trading sessions. The telecom major is down 2.5% at Rs 278. ONGC has shed 0.9% at Rs 1176 and RCom has lost 0.4% at Rs 173.
The market breadth is positive. Out of 2737 stocks traded on the BSE, there are 1844 advancing stocks as against 791 declines.
