The NSE Nifty continued to trade above the 5150 level, though it shed some early gains due to fall in ONGC and Tata Motors. Even ITC, L&T and Reliance Industries came off day's high. However, banks, technology, power and metals stocks keep supporting the market.
The BSE benchmark moved up 91.52 points to 16,998.10 and the NSE benchmark was up 29.70 points at 5,150.50. The broader markets too gained 0.5% as about two shares advanced for every share falling on the National Stock Exchange.
Country's largest private sector lenders ICICI Bank and HDFC Bank climbed 1-1.5% while their rival State Bank of India rose 0.5%.
Top software services exporter Tata Consultancy Services and Infosys climbed nearly 1%. FMCG major ITC rose 0.65% whereas its rival HUL was down 0.32%.
Engineering and construction major by sales Larsen & Toubro moved up 0.7% and housing finance company HDFC gained 0.7%.
Oil & gas producer Reliance Industries was up just 0.3% whereas its rival ONGC went down 1%.
Top commercial vehicle maker Tata Motors fell 1.6% while other auto stocks were marginally lower.
In the second line shares, MindTree, Muthoot Finance, Shree Global, Strides Arcolab and Himadri Chemical gained 4-7% while Andhra Bank, Educomp Solutions, Infotech Enterprises, Gujarat Pipavav and Jubilant Foodworks lost 1-5%.
At 9:20 hours IST: Sensex rises 100 pts; Reliance Infra, Tata Power up 3%
The BSE Sensex gained more than 100 points in early trade on Wednesday following positive Asian cues. Banks, technology, power, capital goods and metal stocks moved up. Globally all markets looked cautious ahead of critical European Union summit that scheduled for June 28-29 in Brussels.
The BSE benchmark rose 109.44 points to 17,016.02 and the NSE benchmark went up 36.3 points to5,157.10.
Asian markets bounced back following positive US cues. Hang Seng rose 1% while Straits Times and Taiwan Weighted went up 0.74% each. Shanghai was up 0.4% whereas Kospi fell 0.27%.
Back home, Reliance Infrastructure and Tata Power rallied 3% each after Delhi Electricity Regulatory Commission hiked power tariffs in Delhi that would be effective from July 1. Domestic prices went up by 24% and commercial prices up by 19.5%.
Cairn, GAIL, JP Associates, ICICI Bank, PNB, SBI, Sesa Goa, JSPL, Hindalco, Tata Steel, HDFC, BHEL, L&T and NTPC too were quite supportive.
Bharti Airtel, BPCL, ONGC, Infosys, Wipro, Tata Motors and HUL were flat.
The CNX Midcap went up 36 points to 7,197. About three shares advanced for every share declining on the National Stock Exchange.
In the second line shares, sugar stocks were on buyers' radar. Bajaj Hindusthan, Balrampur Chini, Dhampur Sugar and Shree Renuka shot up 1.5-4%.
ARSS Infrastructure jumped 5%. IVRCL, NCC and IRB Infra were up 1% each.
Muthoot Finance surged 3.5% after rising more than 10% yesterday.
State-owned non-banking finance companies like PFC, REC and PTC India gained 2% each.
However, Kingfisher was down 2% after Business Standard reported that lessors have taken back 34 aircrafts of the company as it has failed to pay Rs 1000 crore lease rentals.