At 02:50 p.m., the 30-share BSE index was trading at 17,606.16, up 1.24 percent. ITC (2.2 percent), Tata Motors (2.8 percent) and HDFC Bank (1.9 percent) led the gains.
The BSE Midcap was trading 0.5 percent and the Smallcap Index was up 0.7 percent.
The market is in a complete stagnation mode and the effect is also largely due to the rupee factor, Deven Choksey, MD at KR Choksey Securities, told ET Now. Largecaps are fatigued and not showing any significant movement, he added.
The BSE Consumer Durable Index rose 1.07 percent, the BSE Realty Index advanced 0.83 percent and the BSE Healthcare Index was up 0.32 percent.
The BSE FMCG Index declined 0.78 percent, the BSE Oil & Gas index dropped 0.6 percent and the BSE Metal index was down 0.3 percent.
Top traded stocks on the BSE include SBI, Tata Motors and ICICI Bank.
The rupee gained to 55.87 versus its previous close of 55.92/93 on dollar sale by exporters.
"We could see the rupee testing 57 against the dollar again in the next few days if the Indian currency fails to hold on to 55 levels," India Forex said in a report.
OnMobile Global moved higher by over 7 percent to Rs 36.70, recovering 13 percent from the day's low of Rs 34.95 on news that Managing Director Arvind Rao resigned after what the company called a "special review of its corporate governance procedures".
"The announcement said Rao, who is also a co-founder, resigned because the corporate governance 'weaknesses' were identified during his tenure," ET reported.
All major technology stocks are trading higher ahead of their quarterly results. Bellwether Infosys was trading 0.8 percent higher at Rs 2,457.75. The stock has hit a low of Rs 2,436 and a high of Rs 2,462 today.
Historically, Infosys has seen its stock decline seven out of eight times on the day of its quarterly results in the past two years.
Global investment bank Bank of America-Merrill Lynch warned about weak corporate earnings for the first quarter. However, there is potential for a market correction, it added.
BofA-ML estimated Q1 headline profit growth of 13.7 per cent, but the figure falls to 9.7 per cent if State Bank of India is excluded.
SBI, ICICI Bank, HDFC Bank, Infosys and Tata Motors are expected to be key contributors to growth, while Reliance Industries, Tata Steel and Hindalco Industries will prove a drag.
(source- economictimes.indiatimes.com)
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