The strong rally in US indices yesterday, on hopes of a pause in Fed interest rate hikes, has helped Asian indices to surge ahead for the second straight day. Indian indices have shaken off the nervousness following the sharp fall during the last hour in yesterday's trading.
Sensex opened at 10316 and surged to a high of 10574. The index is trading higher by 378 points at 10540 at 11.10 AM.
Nifty opened at 2994 and powered to a high of 3118. The index is trading higher by 110 at 3107.
SAIL is the biggest gainer among index stocks and is trading nearly 7.5 per cent higher. Tata Steel has added nearly 4.5 per cent.
Among other metal stocks, Hindalco is trading nearly 6 per cent higher and Nalco ahs gained almost 3.5 per cent.
Index heavyweight ONGC is trading nearly 4.5 per cent higher. Reliance Industries is trading nearly 4 per cent higher.
Maruti has added nearly 7 per cent on reports of a possible price hike across its model range. Tata Motors has added nearly 6.5 per cent while M&M and Ashok Leyland are trading 4.5 per cent each higher.
HLL has resumed the firm up trend and has gained nearly 6.5 per cent in early trades. ITC is up nearly 4.5 per cent and Dabur has gained another 1.5 per cent after yesterday's rally.
BHEL is the big gainer among engineering stocks, trading nearly 6 per cent higher. Siemens has added 4.5 per cent on reports that it would acquire Bayer Diagnostics.
L&T has also gained nearly 4.5 per cent and ABB is trading almost 2 per cent higher. Suzlon has added another 3.5 per cent to yesterday's 12 per cent rally.
Grasim is the best performer among cement stocks, having gained 5 per cent. ACC is up 4.5 per cent and Gujarat Ambuja has gained 3.5 per cent.
Among technology stocks, Satyam is trading nearly 5 per cent higher while TCS, Infosys and Wipro are trading with gains of around 3 per cent each.
ICICI Bank is the best performer among banking stocks, trading nearly 4 per cent higher. HDFC, PNB and HDFC Bank have added around 3.5 per cent each. SBI is trading nearly 3 per cent higher.
Zee Tele, MTNL and IPCL are the other major gainers among index stocks.
BPCL is the only loser among index stocks as crude oil prices have rallied further yesterday. The stock is trading nearly 0.5 per cent lower.
Mid-caps and small caps are also following the lead of large caps and are continuing the up trend from yesterday. Many of the popular mid-caps are trading with significant gains as the trading sentiment has improved considerably.
The mid-cap index is now trading with gains of over 3 per cent. Market breadth on the NSE is highly positive with around 10 stocks advancing for every declining stock.
Alembic, Ramco Systems, Shrenuj & Co, Jindal Saw, JP Associates, Ingersol Rand, Nitco Tiles, Jindal Steel & Power and Bombay Rayon Fashion are among the other major mid-cap gainers.
Khaitan Limited, Sterling Tools, Dharani Sugar and Bharat Gears are the major mid-cap losers.