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Markets have extended their rally led by financials as Prime Minister Narendra Modi gave top priority for financial inclusion and also decided to make India into a manufacturing and export power house.
At 13.40, PM, the 30-share Sensex gained 225 points at 26,329 and the 50-share Nifty was up 64 points at 7,856.
Top Sensex gainers are Axis Bank, Tata Motors,BHEL, Cipla. Tata Power and L&T, all up between 2-3%.
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updated on 12.55 PM
Markets have extended gains in noon trades with the Nifty hitting fresh record high led by banks after Prime Minister Narendra Modi gave top priority for financial inclusion and also decided to make India into a manufacturing and export power house.
At 12.53 PM, the 30-share Sensex gained 165 points at 26,269 and the 50-share Nifty was up 51 points at 7,843.
The broader markets are outperforming the large counter parts. The BSE Mid-cap index is up 1.4% and Small-cap index is up 1.8%.
Market breadth is healthy with 1,740 gainers and 887 losers on the BSE.
On the sectoral front, BSE Capital goods is leading the rally up over 2% followed by Consumer durables, Oil & Gas and Power indices. Bankex is up 1.6%. Also, Bank Nifty is up 1.5%.In contrast, BSE IT and FMCG indices are losing sheen.
ICICI Bank, Axis Bank, BHEL, Tata Power, Tata Motors and L&T are the top gainers on the BSE. However, ITC, HDFC, Infosys, TCS and M&M are the top 5 losers on the BSE.
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The benchmark indices are trading firm during late morning trades despite lingering concerns about crises in Ukraine. Index heavyweights Tata motors, ICICI Bank and L&T have contributed nearly 80 points to the rise on the 30-share Sensex.
At 11.25 AM, the 30-share Sensex has gained 105 points at 26,210 and the 50-share Nifty is up 34 points at 7,825.
The broader markets are outperforming the large counter parts. The BSE Mid-cap index is up 1.2% and Small-cap index is up 1.6%.
Market breadth is healthy with 1626 gainers and 741 losers on the BSE.
Across the Globe:
Asian stocks have stalled and the dolla rhas sagged against the safe-haven yen on Monday, as another bout of tensions in the Ukrainian conflict sapped investor confidence.
MSCI's broadest index of Asia-Pacific shares outside Japan gained 2.5 percent last week, its largest weekly rise in nearly five months. Tokyo's Nikkei inched up 0.1 percent.
Back home, overseas investors bought shares worth 6.25 billion rupees on Thursday, provisional exchange data shows.
Sectors & Stocks:
On the sectoral front, barring FMCG and IT indices, all other indices are trading in the positive territory. BSE Capital goods, Oil and Gas, Consumer durables, Auto and Power indices are up between 1-1.5%. Bankex has gained 1.2%.
The power space is gaining limelight during the late morning trades with Tata Power and NTPC up 3.3% and 1.2%, each.
Tata Power gained over 3% after the Maharashtra Electricity Regulatory Comission permitted the company to supply electricity to Mumbai city and parts of the suburbs for a period of 25 years.
Engineering conglomerate, L&T has surged 1.5%. BHEL has added nearly 2% on the rise.
Oil and Gas majors, ONGC, GAIL and RIL have climbed over 1%.
Shares of oil and gas, including oil marketing companies are trading higher by up to 4% on the bourses due to decline in Brent crude oil price.
Brent crude oil futures for October delivery were down 65 cents or 0.63% to $102.88 a barrel in electronic trading today. US crude oil futures for September delivery was down 45 cents, or 0.46% at $96.90 a barrel in electronic trade.
Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) have rallied 4% each at Rs 431 and Rs 636 respectively, while and Indian Oil Corporation (IOC) is up 3% at Rs 349.
Cipla is up 1.3% after it reported first-quarter profit. The net profit quoted at Rs 295 crores. Previous year the company had posted Rs 485 crores.
Tata Motors is up 1% after reporting a robust earnings for the quarter ended June 2014 on back of strong sales of luxury Jaguar and Land Rover (JLR).. Following the tandem, Bajaj Auto is up 1%.
Some fresh buying is evident in the financial space with ICICI Bank, Axis Bank, SBI and HDFC Bank up between 0.5-1.2%.
Bharti Airtel, HUL, Coal India are some of the notable names in green among others up over 1% each.
On the flip side, Index heavyweight and cigarette maker ITC has lost over 2%.
The technology pack is witnessing selling pressure with Infosys, Wipro and TCS down between 0.2-1%.
HDFC, M&M and Hero Motocorp are some of the prominent names in red.
Among other shares, Cox and Kings has surged 5% to Rs 279 after reporting 27% year on year (yoy) jump in consolidated operating profit at Rs 351 crore for the quarter ended June 30, 2014 (Q1).
