RTTNews - After a gap-up opening, the Indian market is currently trading firm on the back of favorable overseas cues. Auto, oil/gas, realty, metal and consumer durable stocks are receiving widespread buying support.
The BSE Sensex is now trading near the day's high at 15,088, up 278 points or 1.88% and the S&P CNX Nifty is trading at 4,474, up 1.81%. The BSE small-cap and the mid-cap indexes are up around 1% each and the market breadth is fairly positive, with 1233 gainers versus 543 losers.
ONGC, Mahindra & Mahindra, Maruti Suzuki, Hindalco, Jaiprakash Associates, Reliance Communication, SBI, Tata Steel, Grasim and Reliance Infrastructure are leading the market higher. Currently, all 30 Sensex stocks are trading in positive territory.
Era Infra Engineering is up a modest 0.43% on bagging a contract worth Rs.46 crore from BHEL. Electrotherm India is rising 1.59% after it unveiled its new brand of 'Electra' solar water heaters, both in domestic and industrial usage category.
Tata Teleservices is trading up 1.38% after its joint venture partner for GSM services NTT DoCoMo said that the joint venture would yield profits in the next three years and it is keen on increasing its stake in the JV from the current 26 percent.
Adani Power, which came with an IPO recently at an issue price of Rs.100 per share, pared its early gains and is now trading at Rs.101.65 on the BSE. Bharti Airtel is up over 1% shrugging off reports that a deal with African mobile-phone operator MTN Group is unlikely by the end of August.
Sun Pharmaceuticals is gaining over 2% on reports it has won a case in the U.S. invalidating a key patent of Eli Lilly's block buster cancer medicine Gemzar. Oil explorer Reliance Industries is up 2.11% and ONGC and Cairn India are up over 3% each on the back of a near 5% rally in crude oil price on Wednesday.
Aviation stocks surged on reports the government would allow them import jet fuel on their own to avoid high sales tax levied by state governments. Kingfisher is up 2.66%, Jet Airways is rising 2.72% and SpiceJet is advancing 1.40%.
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