Markets at day's high, Nifty nears 8,350; Axis Bank up 4%

Axis Bank, ICICI Bank, Tata Motors, SBI and BHEL are up 2-4%

Markets are trading near day’s high supported by strong global cues along with buying among financials and metal shares leading the uptrend.

By 12:40, the Sensex was higher by 322 points at 27,638 and the Nifty gained 109 points at 8,334.

The top gainers on the Sensex are Axis Bank, ICICI Bank, Tata Motors, SBI and BHEL, all surging between 2-4%.

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Updated at 11:30

Benchmark indices continue to trade firm aided by strong buying among financials and metal shares.

By 11:30, the Sensex was higher by 245 points at 27,561 and the Nifty gained 84 points at 8,309.

Among broader markets, BSE Midcap and Smallcap indices are up 0.9-1.1%. The market breadth is positive with 1,421 shares advancing and 726 shares declining on the BSE.

In the overseas stock markets, Asian markets were higher today with investors encouraged by signs of a compromise in Greece's debt talks with its creditors. US stocks closed lower on Friday, 19 June 2015, following the Nasdaq's record high as investors eyed developments in the Greece debt negotiations amid quarterly options expirations.

Back home, the rupee strengthened by six paise to a fresh one-month high of 63.49 against the dollar in early trade today, extending its rising streak for the fourth straight day on persistent selling of American currency.

Markets may remain volatile this week, as traders roll over positions in the futures & options (F&O) segment from the near month June 2015 series to July 2015 series. The near month June 2015 derivatives contracts expire on Thursday.

Among sectors, BSE Bankex has surged around 2%. Sectors like Realty, Consmmer Durables, Capital Goods, Auto, IT and Metal have gained between 0.5-1%.

Reliance Industries (RIL) along with three financial companies – Housing Development Finance Corporation (HDFC), ICICI Bank and HDFC Bank have contributed more than 50% of the 1,000 points Sensex rally in past seven trading sessions.

These four companies have contributed 573 points or 53% of the total index gain. These stocks have a combined weightage of 30% in the 30-share Sensex.

Tata Motors has sold 3,000 GenX Nanos in one month. The stock is up over 2%.

Dr Reddy's Laboratories has gained over 1% after the launch of HAiROOTZ, the first hair growth supplement to be marketed in India as over-the-counter (OTC) by the company.

Lupin has replaced private sector electricity producer Tata Power on the BSE benchmark index Sensex from today. Lupin is up over 0.5%.  

Other notable gainers are Coal India, TCS, HUL, Tata Steel and BHEL.

Among other shares, Bajaj Finance has moved higher by nearly 6% to Rs 5,441, also its record high on the Bombay Stock Exchange (BSE).

Shares of Indiabulls Real Estate have surged 10% to Rs 46.20 on the BSE in early morning trades after the company said its promoters will buy 10% stake in the property development company for Rs 538 crore.

With Capital Market input