Markets are continuing the rally from yesterday and the up move is very broad-based today as well. Almost all other Asian markets have rallied after the firm closing by US indices yesterday.
Sensex opened at 13734 and saw a high of 13850. The index is trading higher by 129 points at 13837 at 11.30 AM.
Nifty opened at 3943 and surged to a high of 3976. The index is now trading higher by 29 points at 3969.
Banking and financial stocks are doing well in early trades. PNB is the best performer among index stocks, trading more than 2.5 per cent higher. ICICI Bank and HDFC have added around 1.5 per cent each.
SBI and HDFC Bank have gained close to 1.5 per cent each while OBC is trading nearly a per cent higher.
Tata Motors is continuing the rally after the West Bengal government said the company's car project in the state would go ahead. M&M has gained over 1.5 per cent on reports of a possible bid for a stake in Punjab Tractors.
Oil marketing stocks have gained ground. BPCL has added nearly 2.5 per cent and HPCL is up over 1.5 per cent. Gail India has added over 1.5 per cent and Reliance Industries is up over a per cent.
Suzlon is continuing the up trend with gains of close to 2 per cent.
Satyam is the best performer among tech stocks, trading more than 1.5 per cent higher. Infosys has gained close to a per cent.
VSNL is another major gainer, up 1.5 per cent.
There are only 4 losers among Nifty stocks. BHEL and MTNL have lost over 0.5 per cent each while SAIL and Gujarat Ambuja Cements are trading modestly lower.
Mid-caps and small caps have also extended their gains. The NSE mid-cap index is now trading with gains of 0.8 per cent. BSE mid-cap index is trading with gains of nearly 0.9 per cent and the BSE small-cap index has added 0.75 per cent. Market breadth on the NSE is very positive in early trades with nearly 3 stocks advancing for every declining stock.
TV-18 got re-listed today after the restructuring. The stock opened at Rs711 on the NSE and is now trading at Rs624.
Compulink Systems is locked in the 20 per cent upper circuit for the third straight session.
Punjab Tractors is locked in 10 per cent upper circuit following reports of a possible stake acquisition by M&M. KEC Infrastructure is also locked in 10 per cent upper circuit.
Novopan, Indo-Count, Goldstone Technologies, JHS Svengaard, Sathavahana Ispat, Surya Roshni and Dolphin Offshore are among the major mid-cap gainers.
Paradyne Info, Genus Overseas, Ruchi Infrastructure, Teledata and Aurionpro are the major mid-cap losers.