The BSE Sensex opened more than 70 points higher and the NSE Nifty above the 5300 level following positive Asian cues. Hang Seng surged 1.5% while other Asian markets gained 0.5-0.8%, indicating that they have priced in weak global manufacturing data.
The BSE benchmark rose 86.26 points or 0.50% to 17,485.24 and the NSE benchmark went up 24.30 points to 5,302.90.
The Indian rupee too appreciated by 17 paise to 55.25 as against the US dollar in today's morning trade.
Shares of Tata Motors, Maruti Suzuki, Sesa Goa, JP Associates, SAIL, Hindalco, Bank of Baroda, Axis Bank, GAIL, DLF, ICICI Bank, ONGC, L&T, Bharti Airtel, TCS and HDFC led market higher in early trade.
Cement stocks like ACC and Ambuja Cements moved up over 0.5% after cement sales numbers for June.
However, Coal India, BPCL, Cairn India and ITC were under pressure.
The CNX Midcap Index climbed 36 points to 7,459. About three shares advanced for every share declining on the National Stock Exchange.
In the second line shares, HOEC, Mercator, OnMobile Global, Crompton Greaves and JK Tyre gained 1.5-2%. Heidelberg Cement shot up 7%.
Gabriel India rose 1% as the company has approved bonus issue in the ratio of 1:1.
GVK Power and Infrastructure rallied 3% on various news reports. Company's USD 10 billion coal project may get Australian environment clearance. Business Standard reported that GVK plans to raise Rs 3500 crore from airport stake sale.
GMR Infrastructure was up 2% after VC Circle reported that company will swap its minority stake in the Indonesian firm with 29.2% stake in United Fiber (GMR holds 30% stake in Indonesia firm).
Sugar stocks: Shree Renuka went up 0.5%. Bajaj Hindusthan gained 2.5% and Balrampur Chini was up 1%.
MTNL rallied 3.5% after company received Rs 152.5 crore as refund from the IT Department.
Reliance Capital climbed over 1% on reports that Chinese company may be buying stake in wind power arm.
Indiabulls Securities and JM Financial surged 5%.
Godrej Properties shot up 4% on reports that company has signed Rs 770 crore equity commitment with global investors.
However, Kingfisher Airlines declined 0.4% amid ongoing strike.
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