The benchmark indices are strong in afternoon trading, albeit off the highs of the day, led by buying interest in select metal and banking stocks. At 1:30 pm, the BSE Sensex was trading at 48,749.55, higher by 367.33 points or 0.77 per cent and the NSE Nifty was at 14,597.33, up 110.75 points or 0.77 per cent. The broader markets are also trading strong; the BSE Midcap index has gained 0.7 per cent and BSE Smallcap index has added 1.2 per cent.
All the BSE sectoral indices are trading in the green, with the exception of the pharma space.
Meanwhile, the rupee is trading higher by 13 paise at 74.59 per dollar amid buying in equities. It had opened higher by 5 paise at 74.67 per dollar against previous close of 74.72.
On the stock-specific front, Hindalco was the top gainer among Sensex shares, soaring 4.7 per cent to Rs 365. Tata Steel also gained over 2 per cent. Banking stocks were also having a good session of trade, with HDFC Bank, IndusInd Bank and ICICI Bank gaining 1-2 per cent each on the BSE. Index behemoth Reliance Industries firmed up by 2.2 per cent.
Maruti Suzuki shares were trading marginally higher, up 0.2 per cent at Rs 6,652, ahead of March quarter earnings.
On the flip side, HDFC Life, Kotak Mahindra Bank, Nestle India and Cipla shed 1-3 per cent each on the BSE.
The BSE market breadth was strong. Out of 2,972 stocks traded on the BSE, there were 1829 advancing stocks as against 975 declines.