The markets have pared of the gains, the Sensex is now up 124 points at 19,307. The NSE Nifty is up 35 points at 5787.
IT and pharma stocks continue to rule firm, while select banking stock also move higher.
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(Updated at 1320 hrs)
Markets continued to ignore the rise in the inflation numbers and continued to trade on a strong note in the noon deals.
The Sensex was up 250 points at 19,433 and the S&P CNX Nifty was higher by 75 points at 5827.
Hindustan Unilever was the top gainer among the Sensex stocks, the stock added 2.8% and was at Rs 310, Cipla was also trading higher by 2.8% at Rs 353. Jindal Steel, Tata Power, Reliance Communication, HDFC Bank, Wipro and ICICI Bank were also trading higher by 1.5-2.5% each. TCS, Mahindra & Mahindra, Infosys and Sterlite Industries were up 1-1.5% each.
On the sectoral front most of the indices which were trading in the negative zone rebounded into the green. BSE Healthcare index was the top sectoral gainer, the index was trading higher by more than 1.6% or 108 points at 6638 followed by IT, Teck, FMCG and Consumer Durable indices up more than 1.6- 1.2% each.
Banking stocks witnessed a bout of buying after a long period of underperformance. The BSE banking index- Bankex was up 1.1% or 141 points at 12,311. Power, Oil & Gas, Metal,PSU and Realty indices were also trading higher. However, Auto and Capital Goods indices reeled under the mild selling pressure.
Orchid Chemicals was the top gainer among the healthcare stocks, the stock was trading higher by 3.6% at Rs 298 followed by Ranbaxy, Dr Reddys Lab, Aurobindo Pharma, Cipla and Sun Pharma. Among the banking stocks Kotak Mahindra Bank gained 3.7% at Rs 422. HDFC Bank, Indusind Bank, ICICI Bank, IDBI Bank and Bank of Baroda were also among the gainers.
The broader markets were in line with the benchmark indices, the BSE mid-cap index added 0.6% or 45 points at 7355 and the small-cap index was higher by 71 points at 9159.
The overall market breadth turned positive as 1598 stocks advanced while 1112 stocks declined.
