The market remained firm in afternoon trade aided by consistent upmove in oil, pharma, select banks and auto stocks. The Sensex rallied 127.58 points to 28103.44 and the Nifty jumped 36.85 points to 8529.15.Reliance Industries gained further, up 2.5 percent as brokerage Morgan Stanley upgraded the stock to overweight from underweight and raised target price to Rs 1,062. Tata Motors too rallied 2.5 percent followed by Sun Pharma, HUL, Axis Bank, Maruti, Dr Reddy's Labs, GAIL, Coal India and Sesa Sterlite with 1-2 percent upside.
Tata Power and Adani Power gained 1.5-3.5 percent as Supreme Court ruled that companies can use argument of change in international law to charge higher tariff.
Oil marketing companies stocks like IOC, HPCL and BPCL surged nearly 5 percent as IOC chairman, B Ashok told CNBC-TV18 that they will report healthy profit in Q4. Inventory losses have been made up and currently they enjoy healthy margins on petrol cracks.
However, Infosys, ITC, TCS, HDFC Bank, NTPC, Bajaj Auto and BHEL declined 0.5-1 percent.Real Time News & Trading Trends Keep Liking
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