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The markets have surged nearly one percent on continued foreign fund inflows and buying by investors on hopes of strong economic reforms in the upcoming Budget amid positive global cues.
At 1035 hrs, the 30-share Sensex has surged 260 points and the 50-share Nifty has gained 72 points at 25,776 and 7,706 level, respectively.
Adds Ravi Nathani, Technical analyst at Nsetoday.com, "Trend is bullish on charts whereas my targets for Nifty is 8040 in short term. Best trading strategy for traders would be buy on dips."
Rupee
The rupee is currently trading at 60 against the US dollar on sustained capital inflows amidst a higher opening in the domestic equity markets.
Sectors & Stocks
All indices are trading in green. BSE Metal index is leading the rally, up 2%, followed by BSE Realty, Consumer durables, Capital goods indices and Bankex, up between 1-1.8%.
Metal shares remain firm on the back of encouraging data from China. Sesa Sterlite has gained nearly 2.6% and is the top gainer among Sensex-30. Some of the other gainers from the metal space are Tata Steel up 1.2%, and Hindalco up 0.2%.
Meanwhile, capital goods shares continue their uptrend trend after a private survey showed that India's manufacturing sector growth in June. BHEL surged 1% each.
Larsen and Toubro (L&T) is trading higher by 1.5% to Rs 1,752 after the company said it has won new orders worth of Rs 2,002 crore across various business segments in June 2014.
In tandem with the other major indices, BSE IT index has gained 0.2% with TCS, Infosys and Wipro up 0.4% each.Among financials, HDFC twins, Axis Bank, SBI and ICICI Bank have surged between 0.6-1.5%, each.
Oil and Gas shares which were trading in red yesterday have gained in the morning trades. Reliance, GAIL and ONGC have surged between 0.4-0.7%.
Maruti Suzuki which rose yesterday after reporting a 33.5% year on year increase in its total sales for June at 1,12,773 units, is maintaining its momentum and is trading in green, up 1%.
ITC, HUL and Bharti Airtel are some of the names trading in green and are up between 0.3-1%.
Auto shares which surged yesterday on the back of positive monthly auto sales numbers are witnessing profit booking. Tata Motors and M&M lost between 0.3 % and 0.6 %.
The broader markets are in line with their large counterparts. BSE Midcap and Smallcap indices surged 0.9%, each
Among other shares, Sasken Communication Technologies is locked in upper circuit for second day in a row, up 20% at Rs 319 after winning an arbitration award of $31.7 million (about Rs 190 crore) from US-based Spreadtrum Communications Inc.
The market breadth is strong with 1,663 advances and 704 declines on the BSE.
Global Markets
Asian stocks scored a three-year peak on Wednesday after a round of upbeat global economic data whetted risk appetites and helped Wall Street taste all-time highs.
The Dow and S&P 500 had both scored record closing highs on Tuesday, as did the MSCI world equity index. The Dow gained 0.77 percent and the S&P 500 0.67 percent, while the Nasdaq put on 1.14 percent.
Top European shares ended up 0.85 percent, despite some disappointing manufacturing data from the region.
