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Markets maintain momentum and continue to rally on the back of buying witnessed in Capital Goods, Consumer Durables and Pharma stocks.
At 11:45 am, the Sensex was at 28117, higher by 175 points or 0.6% and the Nifty was at 8,490, up 45 points.
The top gainers on the Sensex are Lupin, HDFC, BHEL, Cipla, and L&T, all rallying between 1.3-2.3% each.
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(Updated 10:30 AM)
The markets are going strong in mid-morning trades, led by gains on the pharma, capital goods and banking counters.
At 10.28am, the Sensex was at 28,091, higher by 145 points or 0.5% and the Nifty was at 8,483, up 38 points.
The broader markets have also strengthened in tandem with the large-cap peers; the midcap and smallcap indices have gained 0.6% each at 10,940 and 11,380 respectively.
The Sensex had closed below the 28,000 mark at 27,945 and the Nifty had ended at 8,444 in Thursday's session.
On the economic front, the RBI Governor Raghuram Rajan expressed faith in the Indian economy. Raghuram Rajan said post market hours on Thursday that the growth is recovering and investment is picking up; he, however, maintained a cautious stance on inflation expectations.
Meanwhile, all eyes would be in Greece on Sunday ahead of the voting on referendum, which could provide some clarity on whether the cash strapped nation would be a part of European Union or not. In related views, the International Monetary Fund (IMF) warned in the preliminary draft of its latest debt sustainability report that Greece would need an extension of its European Union loans and a large debt write-off if it grows more slowly than expected and economic reforms are not implemented.
RUPEE
The rupee extended its upmove in early trade ON Friday. The currency opened at 63.43 a dollar, up 8 paise compared to 63.51 per dollar in previous session. It had gained 10 paise in the previous session.
SECTORS AND STOCKS
All the sectoral indices are in the green, with pharma, capital goods and banking being among the major gainers.
Among the index heavyweights, ONGC, Lupin, HDFC, Tata Steel and BHEL are the leading sectoral gainers on the BSE.
In the pharma space, Sun Pharma, Cipla and Biocon have gained nearly 1% each. Lupin was up 2% after announcing the acquisition of a 100% equity stake in ZAO “Biocom” in Russia.
In the capital goods space, L&T, Siemens and BEML have gained 1-2% each.
Among the banking heavyweights, SBI and Axis Bank have added 0.5% each, while in the broader banking universe, Kotak Mahindra Bank, Federal Bank and Bank of Baroda have added 1-3% each.
On the other hand, Tata Motors, Coal India and Wipro are the top losers on the Sensex.
On the sectoral front, pharma and banking stocks are in the limelight this morning.
The market breadth is strong. Out of 1190 stocks traded on the BSE, there are 864 advancing stocks as against 285 declines.
