Thursday, the Indian market is trading sharply higher after making a gap-up opening this morning on firm global cues. Resumption of buying by foreign funds also improved sentiment. After selling heavily in the preceding three trading sessions, FIIs bought shares worth Rs.173.75 crore on a net basis on Wednesday, according to provisional data released by the stock exchanges. Meanwhile, traders await the inflation report scheduled to be released later in the day.
The BSE Sensex opened higher at 10,107 and has moved further up in early trading. The index is now trading at the day's high of 10,320, up 418 points or 4.22% over the previous close. Similarly, the S&P CNX Nifty is rising nearly 125 points or 4.07% to 3,185.
On the BSE, the market breadth is extremely positive, with 1385 advancers compared to 279 stocks that are declining. The broad-based BSE 500 index is rising 3.71%, the mid-cap index is gaining 2.72% and the small-cap index is up 2.45%.
Twenty-nine out of 30 Sensex stocks are trading firm, but Sun Pharma is down around 0.25%.
Among the major gainers, DLF is climbing 9.51%, Reliance Infrastructure and ICICI Bank are jumping around 7% each, Sterlite Industries and HDFC are rising nearly 6.5% each, Tata Motors is advancing 6.37% and Larsen & Toubro is moving up 5.85%.
Jaiprakash Associates, Tata Power, Reliance Communication, State Bank of India, Bharti Airtel, Tata Steel and TCS are the other prominent gainers.
Stocks across the sectors are trading in positive terrain. Realty, banking and metal stocks are leading the rally, while defensive stocks from the healthcare and FMCG space and IT stocks are showing modest gains.
Bharti Airtel is rising 5.36% after Singapore Telecommunications (SingTel), which has a 31% stake in company, has reportedly received government approval to offer long-distance services in India.
GMR Infrastructure is gaining 3.38% on reports that it will invest $60 million for a proposed joint venture that will assemble airplane components at the aviation special economic zone in Hyderabad.
Housing Development and Infrastructure is adding 6.84% on reports that it is selling 400,000 square feet of transferable development rights worth Rs.42 crore in the market. Emami is up 2.69% following reports that it has reached an agreement with Zandu's Parikh family for the sale of the chemicals division.
Suzlon Energy is jumping more than 7% after its North American unit signed a $45 million order for supply of 20 wind turbines with US-based Duke Energy. Fortis Healthcare is up 1.41% even as the company clarified that it has not entered into any definitive agreement for any acquisition.
3i Infotech is moving up 2.46% after it bought back foreign currency convertible bonds (FCCBs) worth Euro 3 million and $ 8.1 million. Hotel Leelaventure is climbing nearly 7% on buying back FCCBs worth Euro 1 million and $1.7 million
Tata Teleservices (Maharashtra) is up 2.60% even as the Life Insurance Corporation of India sold over 2.98 crore shares of the company for an estimated Rs.73.80 crore.
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