continue the firm trend across the board led by the surge in banking and auto shares. The gains in the Asian markets
also supported the broad based rally in local equities.
At 11:30am, the S&P BSE Sensex was up 430 points at 24,392 and the Nifty50 was up 135 points at 7,411.
The market breadth is extremely strong with 1,863 gainers against 388 losers on the BSE.
The top gainers on the Sensex are GAIL( India), SBI, Tata Motors, Axis Bank, and Maruti Suzuki, all up between 3-7% each.
On the losing side, Bharti Airtel has dropped nearly 5% while Adani ports, ITC, and HUL have all slipped by 0.3% each.
(updated 10:40 am)
extended gains after the first hour of trade
helped by a rebound in financial shares and index heavyweight Reliance Industries.
At 10:40am, the S&P BSE Sensex was up 356 points at 24,319 and the Nifty50 was up 112 points at 7,389.
The Midcap and Smallcap index was up 1.6%-1.8% each. Market breadth was strong with 1,739 gainers and 345 losers.
Mortgage lender HDFC was the top gainer along with ICICI Bank, HDFC Bank, Axis Bank and SBI.
Index heavyweight RIL was up 1.6%. Reports suggest that Reliance Industries is planning to begin production from its coal-bed methane (CBM) blocks in the next three months.
Engineering major L&T was up 2.3% its construction division won Rs. 1213 crore order for the Western Dedicated Freight Corridor Project.
(Updated at 9;35am)
Markets opened higher, amid sharp gains in their Asian peers led by Japan's Nikkei, helped by a rebound in beaten down bank shares leading the gains along with index heavyweights.
At 9:35am, the S&P BSE Sensex was up 215 points at 24,177 and the Nifty50 was up 70 points at 7,347.
In the broader market, BSE Midcap index was up 0.9% and Smallcap index gained 1%. Market breadth was strong with 1146 gainers and 186 losers on the BSE.
"The Nifty has resistance at 7284 above 7311 and 7330. Support for the Nifty at 7258 below 7235, 7210", Geojit BNP Paribas Financial Services said in a note
Meanwhile, foreign institutional investors were net sellers to the tune of Rs 1,747 crore on Thursday, as per provisional data.
SECTORS & STOCKS
BSE Metal, Power and Bankex were the top sectoral gainers up over 1.4% each.
Beaten down bank shares witnessed a rebound on value buying at lower levels. ICICI Bank, Axis Bank, SBI and HDFC Bank were up 0.4%-2.5% each.
Index heavyweights Reliance Industries and Infosys were up 0.6%-1.4% each. Reports suggest that Reliance Industries is planning to begin production from its coal-bed methane (CBM) blocks in the next three months.
Among other shares, Idea Cellular was down 3.4% after the company lower-than-expected earnings. The company reported a 0.4 per cent year-on-year decline in its December quarter consolidated net profit at Rs 764.2 crore. This was lower than the Bloomberg consensus estimates of Rs 796 crore.
Interglobe Aviation which operates the Indigo airline was down 7.2% on profit taking after gains in the run-up to its third quarter earnings. The airline reported a 23.7 per cent surge in profit in the December quarter amid lower fuel prices and higher traffic.
Asian markets surged ahead on Friday with Japanese shares rising the most after the depreciation of the yen against the dollar. Further, overnight cues from the US amid hopes of monetary easing from ECB and firming up of global crude oil prices also boosted sentiment. The Nikkei was up 3.3% while Straits Times and Hang Seng were up 0.7%-1.4%. However, Shanghai Composite pared early gains and was down 0.3%.
US stocks ended with marginal gains on Thursday after oil prices rebounded and comments from ECB President Mario Draghi raised expectations of further stimulus for Europe. The Dow Jones industrial average ended up 0.7% at 15,883, the S&P 500 ended up 0.5% at 1,869 and the tech-laden Nasdaq ended flat at 4,472.