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Benchmark indices continue to trade higher led by firm global cues along with consistent buying among auto and capital goods shares leading the gains.
At 13.05AM, the 30-share Sensex was up 158 points at 26,735 and the 50-share Nifty was up 52 points at 7,980.
In the broader market, both the BSE Mid Cap and Small Cap indices have outperformed the Sensex with gains between 0.8-1%.
The market breadth in BSE remains firm with 1,519 shares advancing and 947 shares declining.
Meanwhile, the provisional data released by the stock exchanges after trading hours on Tuesday, 21 October 2014, showed that foreign portfolio investors (FPIs) bought shares worth a net Rs 32.40 crore on that day.
The rupee is trading at 61.19/dollar versus its previous close of 61.31/32. Sentiment for the rupee is positive after the Bharatiya Janata Party-led government ended fuel price controls, opened up the coal sector and the party won two state elections.
GLOBAL MARKETS
Japanese stocks climbed more than 2% on Wednesday as the prospect of the European Central Bank taking further action to stimulate the faltering eurozone economy boosted investor sentiment.
The Nikkei share average rose 2.6% to close at 15,195.77 points, more than recouping Tuesday's losses.
Shares in Japanese suppliers to Apple Inc soared, with Foster Electric Co rising 5.4% and Japan Aviation Electronics Industry jumping 5.8% after the tech giant posted better-than-expected quarterly earnings.
The broader Topix advanced 2.6% to 1,236.41, while the new JPX-Nikkei Index 400 .JPXNK400 also gained 2.6% to 11,249.65.
SECTORS & STOCKS
BSE Auto index has surged by almost 3% followed by counters like Capital Goods, Consumer Durables, Healthcare, IT, Oil & Gas and TECk, all gaining between 1-2%. However, BSE Metal and Realty indices are trading marginally lower.
Shares of automobiles companies are in demand with the Bombay Stock Exchange (BSE) S&P BSE Auto index surge more than 400 points, on expectation of robust sales in the ongoing Diwali season.
Hero MotoCorp, Bajaj Auto, Tata Motors, Maruti Suzuki India, Mahindra and Mahindra (M&M) and Eicher Motors are up 1-3.5% on the BSE.
Other notable gainers are Dr Reddy’s Labs, RIL, L&T, Wipro, Cipla, BHEL and Sun Pharma.
Shares of Oil and Natural Gas Corporation (ONGC) has dipped 3.4% to Rs 397 on National Stock Exchange (NSE) in otherwise firm market, on reports that the government is expected to sell 5% stake in state-owned oil exploration and production company by early next month.
Among other shares, Natco Pharma has rallied 9% to Rs 1,438, extending its previous day’s 4% gain, after the company said its marketing partner in the US, Breckenridge Pharmaceutical, Inc., received a tentative approval from the US FDA for Armadafinil 50 mg, 150 mg, and 250 mg tablets. Armadafinil is a generic tablet used for improving wakefulness in adults.
V-Mart Retail has gained around 7% on BSE aided by aggressive expansion in tier-2 and 3 cities, particularly in the states of Bihar, Jharkhand and Uttar Pradesh.
