Announcement of deregulation of oil prices and better-than-expected GDP (Gross Domestic Product) numbers helped the markets to remain on the stronger side.
Capital goods, power, oil & gas, metal, realty, auto, telecom and technology stocks saw heavy buying interest. Positive global cues too added momentum to the markets.
BSE Sensex, NSE Nifty surge
The Sensex was up 380 points, to 14,677 and the Nifty rose 131 points, to 4,468, at 13:42 hours IST. The BSE Midcap and the Smallcap indices gained 2.6-3 pc. ONGC, Reliance Industries, Bharti Airtel, SAIL, Cairn India, L&T, ICICI Bank and Infosys were leading contributors to the benchmark indices.
Top gainers were ACC, M&M, Jaiprakash Associates, Tata Steel, ONGC, Cairn India, BPCL and GAIL, which gained 6-10 pc.
+ve GDP results; Indices trading high
At 12:19 hours IST, Indices are performing well after the Q4 GDP number are out. India's Q4 GDP grew to 5.8 pc as against 5.3 in last quarter. However, for FY09, GDP growth came in at 6.7 pc versus projection of 7.1 pc while the expectations were at 6.52 pc. The Sensex was trading above the 14600 level and the Nifty was trading above the 4450 level.
The 30-share BSE Sensex was up 372 points, to 14,668 and the Nifty rose 124 points, to 4,460, at 12:19 hours IST. The BSE Midcap and Smallcap indices gained 2.4-3 pc.
Shares of infrastructure (capital goods + power), metal, banking, telecom, realty and oil & gas companies were witnessing buying interest. M&M, Jaiprakash Associates, ACC, TCS, DLF, Unitech, Siemens and Cairn India were the top gainers.
Benchmark Indices open green
Indian stock markets opened on a positive note and continued their rally for the third consecutive day. Telecom, power, banking and metal stocks are witnessing buying interest.
At 9:56 am, the Sensex was up 121 points, to 14,417 and the Nifty rose 29 points, to 4,366. Among the broader indices, the CNX Midcap was up 1.18pc, to 5,281 and the BSE Smallcap Index gained 1.5 pc at 5,898.
Cairn, Suzlon, Reliance Communication, Tata Motors, SAIL, Bharti Airtel, Reliance Power, M&M, L&T, DLF, HDFC, NTPC, ICICI Bank were the major gainers in the opening trade. But ACC and Hero Honda are under pressure.