The key domestic benchmark were trading in a positive terrain in the morning trading session tracking firm cues from fellow global peers, on sustained buying by foreign portfolio investors after US Fed Chair Janet Yellen dropped a strong hint of a rate hike this month.
Traders also got some support with the news that foreign investments in the services sector increased 77.6 percent to USD 7.55 billion in the first nine months of the current fiscal, helped by government steps to improve ease of doing business.
Investors also reacted to the developments of GST as Centre and states moved a step closer towards implementing the goods and services tax (GST) from 1 July. The GST council approved two crucial supporting legislations of central GST law (CGST) and the integrated GST (IGST) law, for this ambitious tax reform.
At 10:20 a.m, the Bombay Stock Exchange bellwether Sensex was trading at 29016.76 up by 184.31 points or by 0.64 per cent, while the NSE Nifty was at 8949.95 points, trading higher by 52.4 points or by 0.59 per cent.
The BSE Sensex touched an intraday high of 29050.34 and an intraday low of 28856.12 while the NSE Nifty touched an intraday high of 8960.25 and an intraday low of 8914
The top gainers of the BSE Sensex pack were Reliance Industries Ltd. (Rs. 1294.35,+2.85 per cent), NTPC Ltd. (Rs. 158.30,+1.60 per cent), Power Grid Corporation of India Ltd. (Rs. 193.80,+1.52 per cent), State Bank of India (Rs. 269.00,+1.45 per cent), Asian Paints Ltd. (Rs. 1028.95,+1.42 per cent), among others.
Meanwhile, Sun Pharmaceutical Industries Ltd. (Rs. 679.40,-0.93 per cent), Tata Consultancy Services Ltd. (Rs. 2474.00,-0.74 per cent), Infosys Ltd. (Rs. 1024.20,-0.67 per cent), Hindustan Unilever Ltd. (Rs. 874.00,-0.36 per cent), Wipro Ltd. (Rs. 491.55,-0.17 per cent), were among the top losers on BSE.
The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total 2376 shares traded, 1429 shares advanced, 807 shares declined while 139 were unchanged.
On the global front, Asian stocks were trading higher today on sustained buying by foreign portfolio investors, while the US markets closed higher in the previous trading session following a highly anticipated speech from Federal Reserve Chair Janet Yellen, which reinforced expectations that the Fed will raise interest rates at its next meeting later this month.