The Indian stock market is trading at the day's high with Sensex jumping 648.90 points or 1.34 percent at 49213.17, and the Nifty gaining 188.60 points or 1.32 percent at 14469.90.
All sectoral indices are trading in the green with realty and PSU banks gaining the most.
The realty index was the outperforming sector, up over 4 percent led by Indiabulls Real Estate which spiked over 10 percent followed by DLF, Oberoi Realty, Sobha, Godrej Properties and Prestige Estates.
Share price of Indiabulls Real Estate gained after the company reported a 64 percent rise in its consolidated net profit to Rs 80.69 crore for the quarter ended December. Its net profit was Rs 49.27 crore in the year-ago period.
Banking and Financial names led the rally with the Bajaj twins - Bajaj Finserv and Bajaj Finance gaining 3-4 percent each followed by HDFC which added 2 percent.
Auto stocks also advanced led by Tata Motors which was up over 3 percent after global research firm CLSA retained buy call on the stock.
"Although the market has opened with a gap up, I would be wary of going long immediately. The Nifty has resistance around the 14,550-14,600 levels. If we can conquer that, we should be headed to 14,900. Until then there is every possibility to go down to levels closer to 14,100 and then 14,000," said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.
The most active stocks on BSE included Tata Motors, Reliance Industries, Tata Steel, Bajaj Finance and DLF.
200 stocks hit new 52-week high on NSE including names like Bank of Maharashtra, DLF, Tata Elxsi, Sterlite Tech, Siemens, TCS and Apollo Hsopitals among others.
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