MRPL zoomed 5 percent. Reliance Industries is trading higher by over 4 percent after the company hit $100 billion market cap. HPCL, BPCL and IOC are also trading higher by 2-3 percent.
Bulls have taken complete control of Dalal Street with the Indian benchmark indices up over 1 percent. The Nifty has jumped 127 points and is trading at 11,069 mark while the Sensex is trading higher by 423 points at 36,689, reaching a new record high.
At 12:00 hrs, the Energy index outperformed the broader indices and is trading higher by 3.5 percent. From the BSE, MRPL zoomed 5 percent. Reliance Industries is trading higher by over 4 percent after the company hit $100 billion market cap. HPCL, BPCL and IOC are also trading higher by 2-3 percent.
PSU banks are also buzzing in the afternoon trade, up close to 2 percent led by Bank of Baroda which jumped 2 percent followed by State Bank of India, Punjab National Bank, Allahabad Bank, Bank of India, Canara Bank and Union Bank of India among others.
From the private banking space HDFC Bank and ICICI Bank are up over 1 percent while IndusInd Bank and Yes Bank are the other gainers.
However, Nifty IT underperformed with Infosys down over 1 percent followed by Mindtree, Tata Consultancy Services and Tata Elxsi.
The top gainers among Nifty constituents are Reliance Industries which zoomed 4.5 percent and hitting a new record high. HPCL, BPCL, Yes Bank and Indian Oil Corporation added 2-3 percent.
The most actively traded stocks on the NSE are Reliance Industries, TCS, Infosys, Yes Bank and HCL Technologies.
Some of the top BSE gainers include names like GMR Infra which jumped close to 8 percent followed by Time Technoplast, India Cements, Rattan India and Reliance Industries.
Bajaj Finance, Berger Paints, HDFC Bank, Hindustan Unilever, Jubilant Foodworks, Kotak Mahindra Bank, KPIT Tech, Mphasis and Reliance Industries are some of the very few stocks that hit fresh 52-week high in the afternoon trade.
The breadth of the market favoured advances, with 1149 stocks advancing, 421 declining and 481 remaining unchanged. On BSE, 1293 stocks advanced, 525 declined and 92 remained unchanged.Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.