The BSE Sensex and NSE Nifty bounced back in opening trade with 0.73% gains on Friday after taking a beating yesterday on diminishing hopes of aggressive rate-cut by RBI in its mid-quarter policy review on June 18.
Traders may be keeping long positions open ahead of Greek election over the weekend and RBI policy on Monday.
The BSE benchmark was up 121.32 points to 16799.20 and the NSE benchmark advanced 37 points to 5,091.60. The Indian rupee appreciated by 9 paise to 55.71 as against the US dollar.
JP Associates shot up 2.5% after The Economic Times reported that Birla and Lafarge are eyeing its cement business that could fetch JP group Rs 9000 crore.
Top commercial vehicle maker Tata Motors was up over 1% ahead of JLR monthly sales numbers today afternoon post 1 pm.
ACC, Ambuja Cements, ONGC, IDFC, SBI, Kotak Mahindra Bank, ICICI Bank, Bank of Baroda, Coal India, L&T and HUL gained 1-2%.
However, Bajaj Auto, Cipla, BPCL, Bharti Airtel, TCS and HDFC were under pressure in early trade.
The CNX Midcap Index rose 38 points to 7,015. About two shares advanced for every share falling on the National Stock Exchange.
In the second line shares, state-owned HMT and ITI climbed 6% each.
Liquor baron Vijay Mallya-led UB group stocks gained further. UB Holdings was up 3.6%. Kingfisher Airlines moved up 2% and United Spirits up 1.6%.
WWIL went up 3%. Reliance Capital and Pantaloon Retail rallied 2% each.
IRB Infrastructure, Lanco Infratech, IVRCL, GMR Infra and GVK Power moved up 1-2%.
However, HPCL fell 0.5% after The Times of India reported that petrol prices would be cut by Rs 2/litre soon.
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