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Markets continued to trade in the positive zone, gaining over 1.5% in the opening hour, led by financials and index heavyweights ITC and Reliance Industries.
The Sensex has rallied 329 points at 20,050. Nifty has advanced 100 points to regain the 6000 levels and is trading at 6,095.
On Tuesday the government came out with the inflation data. The 2013-14 financial year began with easing of price pressure as the consumer price index (CPI)-based inflation fell to a 13-month low of 9.39% in April against 10.39% in the previous month. After four months, the CPI-based inflation came back to a single digit, official data showed.
In Asia, meanwhile, markets soared to 5 year highs - with Nikkei breaking above 15,000 for the first
time since January 2008, with Sony Corp surging after an activist U.S. fund called on the company to spin off and list its lucrative entertainment unit. The Nikkei added 338.55 points to 15,096.97 by the midday break after rising as high as 15,108.83, levels last visited in January 2008.
Broader markets underperformed. The BSE mid-cap index was up 1.3% at 6,544. Small-cap index was up 1% at 6,176.
BSE bankex is the top gainer - rallying 2.3% at 14,725. Realty, auto and capital goods indices are also in the green. Among other gainers are PSU and oil & gas shares. The IT index has managed to recover from the negative zone and is trading at 5991.
HDFC Bank was up 3.7% at Rs 902. Other financials were also up. SBI and HDFC Bank have gained 3% each to Rs 2351 and Rs 703, respectively. Hero MotoCorp, Tata Motors and Larsen & Toubro were up as well. All 30 shares from teh Sensex are trading in the green this morning.
Among individual stocks, Whirlpool has slipped 1% to Rs 206 after reporting a 33.4% decline in its net profit at Rs 24.75 crore for the quarter ended March 2013. Meanwhile, Dr Reddy's Laboratories has gained 1% at Rs 2049 on reporting 66.58 per cent rise in its net profit for the January – March quarter.
Sun Pharma Advanced Research Company (SPARC) has surged 5% to Rs 151, extending its previous day’s 15% rally, after reporting net profit of Rs 44 crore for the fourth quarter ended March 31, 2013 on back of healthy growth in operational income.
DLF is trading higher by 2% at Rs 235 in opening trades on the National Stock Exchange after the company received strong response from institutional investors for its share sale programme.
BSE market breadth is positive. Out of 1,609 stocks traded, 1,151 shares have advanced while 390 shares have slipped.
