Slightly better-than-expected second quarter GDP and PMI data, too, boosted the market. The big support is still held by foreign money as foreign institutional investors bought more than Rs 3,600 crore worth of shares in the week gone by as against Rs 1,300 crore buying in earlier week.
After exit pollsâ indication of BJP taking the lead in four out of five states elections, experts believe if that gets confirmed and the outcome is far better than exit polls then the market may see a fresh record high on the Nifty on Monday.
Global markets are under pressure as strong eco data from us reinforces view that taper may come earlier than expected. Asia ends with 0.5 percent cut on an average.
Power stocks are on buyers' radar with the Tata Power rising 4.3 percent and NTPC gaining 3 percent.
Power, consumer durables, auto sectors are among the top sectoral gainers in trade today.
The rupee trades flat against the US dollar, tracking rise in euro and firm local shares. The currency eyes US jobs data and domestic state elections results, while gilts are trading down ahead of Rs 15,000 crore-rupee gilt auction and US non-farms payroll data today.
The rupee is higher for a third session, tracking euro gains after the ECB gave no indication of policy easing.
The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.3 percent each. About 733 shares have advanced while 452 shares declined on the BSE.
Pramit Brahmbhatt of Alpari feels the sudden euphoria in equity markets will help rupee strengthen further."However, concerns of early taper will keep a check on its positive momentum," he adds. According to him, the range for the day is seen between 61.12-62.02/dollar.
Though the Exit Poll, the survey conducted by CNN-IBN and The Week, suggested the 4-0 sweep for BJP in four state elections, the market is still waiting for the actual outcome of these elections that will be announced on December 08, say experts.
Health regulator US FDA warnings hit more pharma stocks as Jubilant Life Sciences and Strides Arcolab drag during the day.
Shares of Sun Pharma and Dr Reddy's Labs plunged 2 percent each followed by ITC, Wipro, Infosys, TCS and Cipla with a 0.4-1 percent loss.
Winter session of Parliament begun today but both houses are adjourned till tomorrow. The Parliament session will take up 29 bills in just 12 sittings. Crucial legislations like the direct taxes code, insurance bill top the agenda.
Interest rate sensitives stocks like banks, realty, capital goods are on buyer's radar, but defensives like healthcare and FMCG are under pressure.
The rupee is trading at a four-week high on positive market sentiment. Expectations of inflow for a state owned power utility company may also aid.
Securities and Exchange Board of India (Sebi) is debating whether to reopen the issue of an open offer for shareholders of Jet Airways after another regulator said that Etihad enjoys joint control over the Indian airline.
Brent crude for January delivery was up 29 cents at USD 111.27 a barrel, after falling 1.5 percent in the previous two sessions. Still, the benchmark was on course for a 1.3 percent weekly gain, its third in four.
State-run oil gas explorer has fixed December 11 as record date for determining entitlement of shareholders for payment of interim dividend for the financial year 2013-14.
CLSA says it prefers Hero MotoCorp over Bajaj Auto and prefers shares of 4-wheeler companies over 2-wheelers.
The FPO which opened on December 3 was subscribed 4.77 times on the third day of offer today with institutional buyers lapping up the shares.
London-listed Vedanta Resources' Anil Agarwal has been trying very hard to get the stake in both companies from the Government of India. Earlier Vedanta group offered to buy government's stake in both companies at around Rs 17,000 crore.
HP-owned IT services firm which follows November-October fiscal, posted a 9.12 percent drop in its net profit to Rs 190.22 crore year-on-year on account of higher taxes and increase in interest costs.
On December 05, 2013 Morgan Stanley Asia (Singapore) PTE bought 5,00,000 shares of Strides Arcolab at Rs 894.98.
Media reports suggest that the PSU may consider a special dividend of Rs 18 to 20 per share at its December board meeting. The move may fetch the government upto Rs 11,400 crore.
Adani Enterprises had gained 13.2 percent in December 2012 compared with the Nifty return of 0.5 percent in the same period on hopes Modi would win a fourth successive term as chief minister.
Jubilant expects that the on-going manufacturing, distribution and sale of products from this facility will not be impacted as the WL will affect new approvals only.
Depending on market scenario and consumer preferences, the country's third largest software services player decided to make an exit from the hardware manufacturing business. It will discontinue manufacturing Wipro branded desktops, laptops and servers.
The interim dividend will be paid on December 17 and the record date is fixed as December 06 for the purpose of determining the eligibility of shareholders for payment of interim dividend.
Investors are euphoric as the travel company launched a new branch outlet in Puducherry. The stock jumped 5 percent intraday on Wednesday.
The Tata group company reported profit after tax of Rs 28.86 crore during April-September period of current financial year 2013-14 as against Rs 21.3 crore last year.