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Benchmark indices continue to maintain the poistive trend led by metal and financial shares.
By 10:35, the Sensex was higher by 93 points at 22,417 mark and the Nifty gained by 26 points at 6,678 levels.
The rupee is trading at 60.01/02 after hitting 59.95, its highest since April 9 but still stronger than its close of 60.135/145 on Wednesday, tracking gains in the domestic share market.
The main gainers on the Sensex are Cipla, Hindalco, ICICI Bank, Tata Steel and Tata Motors.
Procter & Gamble Hygiene and Health Care (P&G) has rallied 5% to Rs 3,616 after reporting a strong 55% year-on-year (yoy) jump in net profit at Rs 80.76 crore for the quarter ended March 31, 2014 (Q3).
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Updated 9:30
Markets have started the trading session on a higher note tracking positive global cues. By 9:30, the Sensex was higher by 52 points at 22,382 mark and the Nifty gained by 19 points at 6,671 levels.
Meanwhile, shares of FTIL and MCX have slumped by 5% after FTIL promoter Jignesh Shah and his colleague Javalgekar was arrested last evening in connection with the Rs 5,600-crore payment fraud at National Spot Exchange Ltd (NSEL).
The Nifty fell nearly 1% on Wednesday to its lowest close in about one-and-half months as software stocks slumped after the rupee hit a one-month high.
On the global front, US stocks mostly rose on Wednesday after comments from Federal Reserve Chair Janet Yellen signalled continued support for the economy, but the Nasdaq fell for a second session as momentum names sold off.
Financials and utilities were the day's biggest gainers, with the S&P financial sector index up 1.3% and the utilities sector index up 1.6%.
On the Nasdaq, Yahoo! Inc fell 6.6% to $34.07 after Alibaba Group filed for an initial public offering that valued the Chinese e-commerce company well below analysts' consensus estimate.
Asian shares got a lift on Thursday from dovish comments by the US Federal Reserve chief and upbeat Chinese trade data that suggested some signs of stabilisation in the world's second-largest economy.
Risk assets were also underpinned by signs of easing tensions in Ukraine after Russian President Vladimir Putin called on pro-Moscow separatists to postpone a secession vote.
Tokyo's Nikkei share average rose 1.1% while MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.5%, inching away from five-week lows hit on Wednesday.
Foreign institutional investors (FIIs) bought shares worth a net Rs 119.11 crore on Wednesday, 7 May 2014, as per provisional data from the stock exchanges.
On the sectoral front, BSE Metal, IT, TECk, Healthcare, Realty and Power indices have plunged by nearly 1% each. Infact, all the major BSE sectoral are trading in positive zone.
The main gainers on the Sensex at this hour include Cipla, Hindalco, Tata Steel, Sesa Sterlite, BHEL, Tata Motors and RIL.
IT stocks are in focus as Nasdaq-listed software giant, Cognizant reported a 19.9% rise in its first quarter earnings for the quarter ending March to $2.42 billion. In October-December quarter, Cognizant had reported a 20.9% rise in revenues.
Infosys and TCS are trading in positive zone.
Shares in Financial Technologies (India) and Multi Commodity Exchange of India (MCX) are trading lower by up to 5% after Jignesh Shah the promoter of these companies was arrested by the Economic Offences Wing (EOW) of the Mumbai Police in connection with the National Spot Exchange (NSEL) scam.
Financial Technologies (India) is locked in lower circuit of 5% at Rs 276 on the NSE. At 0920 hours, a combined 23,703 shares changed hands and there are pending sell orders for 293,000 shares on the BSE and NSE.
The broader markets are outperforming the benchmark indices- BSE Midcap and Snmallcap indices have gained by 0.5%.The market breadth in BSE remains healthy with 782 shares advancing and 290 shares declining.
