Sensex up over 100 pts, BHEL surges 6%

Larsen & Toubro has gained by nearly 2% after Barclays upgrades the stock to "overweight"

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Benchmark indices have recovered and are trading higher with Sensex and Nifty gaining by nearly 1% each led by metal and capital goods shares.

At 14:50 PM, the 30-share Sensex was up 141 point to trade at 18,661 and the 50-share Nifty up35 points at 5,504 levels.

BHEL is the top Sensex gainer, up over 6%. The company is gearing up for a major transformation in the face of the rupee’s depreciation. The company is reducing dependence on imports through enhanced localisation, optimising designs, increasing vendor base and outsourcing works.

Larsen & Toubro has gained by nearly 2% after Barclays upgrades the stock to "overweight", citing a potential recovery in earnings and valuations.

Ranbaxy Laboratories has moved higher by 7% to Rs 412 on back of heavy volumes on the bourses. The stock opened at Rs 388 and hit a high of Rs 414, its highest level since June this year, on the National Stock Exchange (NSE).

Other notable gainers are Sterlite, NTPC, Wipro and JSPL have gained between 3-5%.

Among other shares, Singer India has soared 7% to Rs 109, extending its Friday’s 4% gain, ahead of its April-June (Q4) quarter earnings tomorrow.

The broader markets are out performing the benchmark indices- BSE Midcap and Smallcap indices are up nearly 1% each.

The market breadth in BSE remains positive with 1,266 shares advancing and 926 shares declining.