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Benchmark indices continue to maintain the upbeat trend led by significant buying among financials, capital goods and index heavyweight Reliance Inds.
By 13:00 PM, the Sensex was higher by 336 points at 20,734 mark and the Nifty gained by 95 points at 6,151 levels.
According to Devangshu Datta, Technical Analyst and market expert, “the Nifty will end up testing successive resistances in the 6150%u20146350 zone. There is massive resistance at roughly 5-0 pt intervals above 6200. A rise above6350 would be very positive”.
Foreign institutional investors (FIIs) bought shares worth a net Rs 970.03 crore on Thursday, 14 November 2013, as per provisional data from the stock exchanges.
On the global front, Asian share markets advanced for a third straight session on Monday cheered both by the prospect of extended stimulus in the United States and real economic reform in China. China's market put on over 1%, with UBS upgrading it to "overweight" on a view the Plenum reforms will likely see it outperform Asia ex-Japan for the next few months.
MSCI's broadest index of Asia-Pacific shares outside Japan added 1.1%, having boasted its best daily rise in almost two months on Friday.
The Chinese Communist Party unwrapped surprisingly bold reforms late last week, pledging to let the market play a "decisive" role in the economy.
That helped the Shanghai Composite rise 1.5% for its third straight session of gains, while Hong Kong's China Enterprises index surged over 4%.
Back home, the rupee strengthened on Monday due to dollar sale by banks. The bullish sentiments in equity market also helped the rupee.
At 12:50 pm, the rupee was trading at Rs 62.63 compared with previous close of Rs 63.11 per dollar.
On the sectoral front, BSE Bankex, Capital Goods, FMCG and Oil & Gas indices have surged by 2% each. Sectors like IT, TECk, Realty, PSU, Power and Auto have advanced by 1% each. Infact, all the major BSE sectoral indices are trading in green zone.
Banking shares are trading higher by up to 4%, extending its Thursday’s rally, after the Reserve Bank of India (RBI) Governor expressed comfort about the narrowing current account deficit and Fed chairwoman-designate, Janet Yellen, indicated that US central bank is in no rush to pare economic stimulus.
HDFC Bank, ICICI Bank, HDFC and SBI are the major gainers from financials space, all spurting between 1-3%.
L&T is the top Sensex gainer, up by nearly 3%. Other notable gainers are ITC, ONGC, Tata Steel, RIL, NTPC and M&M.
Among other shares, Financial Technologies (India) and Multi Commodity Exchange of India (MCX) have surged more than 12% each on back of heavy volumes on the Bombay Stock Exchange (BSE).
Ramco Systems is locked in upper circuit of 20% at Rs 130 on BSE after IT consulting and software firm said it will concentrate on the US market over the next two years to promote its human resource management software.
The broader markets are underperforming the benchmark indices- BSE Midcap and Smallcap indices are up by nearly 1%.
The market breadth in BSE remains positive with 1,306 shares advancing and 922 shares declining.
