Dalal Street is witnessing some handsome gains with benchmark indices rallying close to a percent. Nifty is up 107 points, trading at 11,683, while the Sensex jumped 342 points and is trading at 38,907.
OMCs continue to surge led by HPCL and BPCL which jumped 3-4 percent followed by Indian Oil Corporation, ONGC, GAIL India and Reliance Industries.
Oil companies gained as oil prices retreated amid signs that global markets remain adequately supplied. Brent crude futures were at USD 74.21 per barrel at 0635 GMT, down 30 cents from their last close. It has risen 12.8 percent since March.
IT and media stocks continues to hold gains led by HCL Tech, Tech Mahindra, Infosys, TCS, Oracle Financial Services and Infibeam.
Zee Entertainment up 2 percent along with PVR, DEN Networks, UFO Moviez and Network18 are the top gainers from the media space.
Bank Nifty has also risen in this afternoon session led by IndusInd Bank, HDFC Bank, YES Bank, State Bank of India and Bank of Baroda.
However, auto stocks are trading in the red with loses from Tata Motors, Tata Motors DVR, Motherson Sumi Systems, MRF, Hero MotoCorp and Bharat Forge.
India VIX is down 3.77 percent at 23.72 levels.
The top Nifty gainers include UltraTech Cement, BPCL, ONGC, Indian Oil Corporation and HCL Tech while Tata Motors, Hero MotoCorp, Vedanta, Coal India and Cipla are the top losers.
UltraTech Cement reported net profit of Rs 487.95 crore in a year ago period. Its revenue was up 18 percent at Rs 10,500 crore against Rs 8,872 crore, YoY. Earnings before interest, tax, depreciation and amortization (EBITDA) was at Rs 2,213 crore, while margin at 21 percent.
The most active stocks are Tata Motors, YES Bank, Reliance Industries, UltraTech Cement and Maruti Suzuki.
HCL Technologies, Info Edge (India), Wipro, Bata India, Bank of Maharashtra and Adani Gas hit 52-week high on NSE while IL&FS Transportation Networks, IL&FS Engineering and Construction, Reliance Communications, Reliance Power, Eveready Industries and HEG hit new 52-week low.
The breadth of the market favoured the advances as 930 stocks advanced and 790 declined while 377 remained unchanged. On the BSE, 1,185 stocks advanced, 1,203 declined and 168 remained unchanged.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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