The market is keenly awaiting key inflation data, due to be released this afternoon, which may decide the course of the market movement in the later part of the day. The alarming rise in inflation has been a cause of concern for the past few weeks, since it crossed the Reserve Bank of India's caution limit of five per cent.
US stocks vaulted higher yesterday, after Intel Corp, JP Morgan Chase&Co and other blue chips reported earnings that reassured investors worried that a weak economy would sap corporate profits.
Asian markets, which opened before Indian market, were mostly in green. Key indices in Taiwan, South Korea, Singapore, Japan, and Hong Kong were up by 0.55 per cent to 2.03 per cent. However, China's Shanghai Composite was down by 0.12 per cent.
Later, the 30-share BSE Sensex was up by 253.47 points or 1.56 per cent at 16,431.98. The Sensex gained 290.65 points at day's high of 16,534.84, hit at the onset of the trading session.
The S&P CNX Nifty index of National Stock Exchange (NSE) was up by 66.95 points or 1.37 per cent at 4944.25 from it's last close 4887.30 points. The Nifty resumed high at 4890.60 points, later it crossed 4900 mark in mid-morning session and touched day's high at 4966.86 and also a low at 4889.65 during the mid-session.
The BSE Mid-Cap index was up by 1.43 per cent at 6,794.70 and the BSE Small-Cap index was up by 1.36 per cent at 8,464.55.
India's largest private sector firm by market capitalisation and oil refiner Reliance Industries rose by 1.03 per cent at Rs 2672.
India's largest private sector bank by assets ICICI Bank was up by 1.75 per cent at Rs 830.
India's largest engineering and construction firm by revenue Larsen&Toubro gained by 1.34 per cent at Rs 2836.
India's second largest software exporter by sales Infosys Technologies gained by 2.64 per cent at Rs 1642. The stocks is on a rise since Tuesday, when the company reported 1.46 per cent rise in consolidated net profit to Rs 1249 crore on a 6.34 per cent growth in revenue to Rs 4542 crore in Q4 March 2008 over Q3 December 2007.
The top Sensex gainers were, Satyam Computer was up by 2.54 per cent at Rs 465.60 followed by DLF by 1.93 per cent at Rs 634, HDFC Bank by 1.65 per cent at Rs 1327.20, TCS by 1.63 per cent at Rs 990, Housing Development Finance Corporation by 1.67 per cent at Rs 2424 and Wipro by 1.06 per cent at Rs 452.10.
Orchid Chemicals&Pharmaceuticals was the most active stock on BSE in terms of turnover. The Orchid stocks clocked a turnover of Rs 70.42 crore, while the stocks was up by 1.55 per cent at Rs 324.
Wall Street shares surged to end at their highs for the day yesterday, as investors cheered the latest round of earnings, which included Intel and JP Morgan. The Dow Jones industrial average jumped 256.80 points or 2.08 per cent to 12,619.27, the broader S&P 500 index advanced 30.28 points or 2.27 per cent to 1,364.71 and the Nasdaq Composite index climbed 64.07 points or 2.80 per cent to 2,350.11.