Heavyweights like Reliance Industries & SBI, which were underperformer for a long time, rallied on the back of institutional buying. Metal stocks surged on the back of upsurge in base metals.
The 50-share NSE Nifty went up 0.47 pc or 22.35 points, to settle at 4805.25, after seeing an intraday high of 4842.20. The 30-share BSE Sensex shut shop at 16,123.67, up 107.35 points or 0.67 pc, after hitting a day's high of 16,232.16.
Bharti Airtel, L&T, BHEL, Reliance Infrastructure, Hero Honda, TCS and Grasim were the other gainers. However, the markets slipped near to previous closing values at 14:30 hours IST, due to selling in rest of the stocks.
Selling in FMCG, auto (four-wheeler), pharma, select technology and private banking stocks along with Reliance Communication capped the gains or wiped out 108 points on the Sensex and 37 points on the Nifty from day's high.
Big bang Reliance Industries shot up 3.73 pc, to close at 2,075.15 on huge volumes, which increased 76.57 pc, to 1,413,309 shares as against 5-day average of 800,441 shares.
SBI, India's largest bank, surged 4.36 pc to 1,894.15, which was moving closer to its 52-week high of 1,935. Its volumes increased 175.06 pc to 801,937 shares, compared to its 5-day average of 291,548 shares.
Mkts continue positive; Sensex up by 166 pts
At 01:07 pm, the Sensex extended gain as heavyweights moved up further. It touched an intraday high of 16,208.74. European markets were also marginally positive.
In the largecaps, Reliance Industries was up 3.6 pc; SBI, DLF, L&T, Bharti Airtel, ICICI Bank, TCS, SAIL and Hero Honda were up 1-2 pc. Sterlite and Reliance Infrastructure surged 5-6pc. Tata Steel, Nalco, Jindal Steel and Hindalco gained 3.5-4.5 pc.
The Sensex was up 166 points, to 16,182 and the Nifty rose 44 points, to 4,827. The broader indices were up 0.6-0.9 pc.
The market breadth was positive; about 1,708 shares advanced while 1,143 shares declined on the BSE. Nearly 343 shares were unchanged.
In the midcap space, Spice Communication was up 18.5 pc. HCL Info, Motilal Oswal Finance, Essar Shipping and BF Utilities gained 6-8 pc. However, Amtek Auto, Kirloskar Oil, GMDC, Cadila Health and Puravankara Projects fell 2.5-6 pc.
In the smallcap space, ABG Shipyard was up 18 pc. Resurgere Mines, Cosmo Films, Mukand and ABG Infralogistics gained 12-16 pc. However, Panyam Cements, Honda Siel, TV Today Network, Geekay Finance and Austral Coke slipped 5-6 pc.
Sensex trading higher; TCS SBI, Cipla gain
At 10:47 am, the Sensex was trading higher along with some volatility while the Nifty was hovering around the 4800 mark. About 791 shares advanced while 413 shares declined on the NSE.
Buying was seen in metal, cement and select power stocks. Reliance Industries, TCS, SBI, Bharti, Hero Honda, M&M, Ranbaxy Labs and Cipla were also up.
However, selling in ONGC, Infosys, BPCL, HUL, Reliance Communication, Tata Power, Unitech, Sun Pharma and ITC capped the gains to some extent.
The Nifty was up 29 points, to 4,812 and the Sensex gained 105 points at 16,121. The broader indices were up 0.5-0.8 pc.
However, going forward, he remains bullish on the markets and retains a 20,000 points target on the Sensex in the next one year.
In the midcap space, Spice Communication shot up 14.59 pc. Nirma, BF Utilities, MindTree and Kirloskar Brothers were up 5-9 pc. However, Amtek Auto, Sun Pharma Advanced, GMDC and Atlas Copco fell 2-4 pc.
Mkts open positive; Nifty touches 48k mark
The Nifty started the day on a positive note and touched the 4800 mark for the first time since Jun 2, 2008. Metal, select technology and telecom stocks were witnessing buying interest.
At 9:57 am, the Sensex was up 119 points, to 16,135 and the Nifty rose 35 points, to 4,818. The CNX Midcap was up 0.84 pc, to 6,271 and the BSE Smallcap Index up 76 points, to 7,265. About 612 shares advanced while 53 shares declined on the NSE.
Among the frontliners, Sterlite Industries, Nalco, GAIL, ABB, Hindalco, Siemens India, Jindal Steel & Power, Bharti Airtel, Cipla, DLF, TCS, Reliance Infrastructure, M&M and Reliance Power were the gainers. However, BPCL and HUL were the losers.
In Midcap space Gateway Distriparks shot up 13 pc, as it is going to sell up to 25 pc stake in subsidiary Gateway Rail Freight and to raise Rs 300 crore via stake sale to PE firm.
Gujarat NRE Coke was up 3.6 pc. Its board meet will be on September 19 on issue of bonus shares with differential voting rights.
Maytas Infra was up 3.7pc. NHPC was trading at Rs 34.70 versus issue price of Rs 36. Clutch Auto was up 10 pc and Sona Koyo up 5pc.