Indian stocks snapped a 2-session fall on Wednesday as traders punched in fresh long positions after a mild consolidation at 6-month highs. The market continues to gather momentum as it prepares to take out its previous record less than 2 per cent away.
Investors await monthly sales data from auto and cement companies as they seek news that might help the bulls to overwhelm the bears.
There is widespread buying across the board and key heavyweight stocks are showing upward traction with the requisite volumes. Gains are seen across the board and the bulls remain firmly in control of sentiment on Dalal Street. A surprise 7 per cent growth in GDP in the past quarter will also add to the bullish fervour on the exchanges.
Here are the main trading events of the day so far:
* The Nifty gained 57 points to 8,937 points. The index is consolidating at its highest level since early September and is aiming to climb above the 9,000-point mark. Derivatives data points aggressive build up of calls at the 9,000 and 9,100-point mark.
* Bharti Infratel, Axis Bank, Hero Motor, ICICI Bank and ONGC rose 1.1-1.7 per cent and were among 40 shares to gain on the Nifty.
* Idea Cellular, Tata Motors, Mahindra & Mahindra, Bharti Airtel and Tech Mahindra slipped 0.5-1.1 per cent and were among 11 stocks that lost ground on the Nifty.
* Reliance Industries, India's most profitable privately listed stock, was the top traded share on the NSE. The stock recorded a mild uptick and is now trading at fresh 8-year highs. It came out of a long consolidation after it informed its wireless customers that it would begin charging for calls on its newly launched nationwide network of mobile services from April 1 onwards.
* Axis Bank, HPCL and DLF were stocks that recorded the heaviest trades.
* Tata Teleservices surged 12.5 per cent to 9 rupees on news that it and partner DoCoMo have taken steps to resolve their $1.2 billion dispute. JP Associates, Jindal Steel & Power and DLF were among the list of most actively traded shares.
* The Sensex surged 249 points to 28,991 on the Bombay Stock Exchange. Axis Bank is the top gainer while Tata Motors lost the most. Reliance Industries was the top traded share by value on the Sensex.
* The wider market showed major indices posting modest upticks. The Nifty 100, 200 and 500 benchmarks gained 0.5 per cent each. Gains were higher on the mid cap and the small cap benchmarks.
* The sectoral space was tinged with green. All four banking benchmarks were in positive territory. The pharma, metals, FMCG and Auto shares edged higher as well.
* Overall, 1,155 shares gained ground versus just 308 that declined on the NSE.