- By 2:38 pm, the Sensex had surged 324.62 points or 0.88 per cent to trade at 37,309.26 while the Nifty50 firmly traded above the crucial 11,250 mark at 11,272.20 with a gain of 104.90 points or 0.94 per cent.
- ITC, Tata Motors, Tata Steel, Reliance Industries, and Hero MotoCorp were the top gainers in the 30-share Sensex pack.
- ITC, Tata Motors, Titan, Hindalco, and Indian Oil Corporation led the gains in the 50-share Nifty index of the National Stock Exchange (NSE).
- ITC gained after its profit rose 10 per cent to Rs. 2,819 crore in the quarter ended June 30 from Rs. 2,561 crore in the year ago quarter.
- Hindalco Industries said its US unit Novelis Inc agreed to buy aluminium processor Aleris Corp for $2.6 billion, giving it a foothold in supplying the aerospace industry and other value-added businesses globally. ICICI Bank will report its June quarter numbers later today.
- ITC, ICICI Bank, HDFC Bank, HDFC, and Reliance Industries (RIL) contributed the most to the Sensex. RIL will report its June quarter numbers later on Friday.
- Thirty-eight out of 50 Nifty stocks advanced in trade.
- All sectoral indices of the NSE traded with solid gains led by FMCG, metal, pharma, and banking stocks.
- Technical experts, however, caution that profit-booking may hit Dalal Street in the next few sessions. "Market breath is not that convincing. So we may see some profit-taking in the coming days. But as long as Nifty trades above the first line of defence placed near 11,000, it may continue to travel north," said Dyaneshwar Padwal, AVP Technical Analysis, KIFS TradeCapital.
- Meanwhile, global stocks rose as strong company earnings reports and an easing of transatlantic trade tensions on an agreement between the United States and Europe this week to try to cut trade barriers boosted investor confidence. The MSCI All-Country World Index, which tracks shares in 47 countries, was up 0.1 per cent after the start of European trading, according to a report by news agency Reuters.. (With Reuters inputs)
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