Sentiments were also lifted amid a steep fall in crude oil prices even as some recovery was seen in trade earlier today.
At 9.16 am, the BSE Sensex was trading 402 points or 0.67 per cent higher at 60,090.23. Nifty50 was trading at 17,899.90, up 101.15 points or 0.57 per cent.
V K Vijayakumar, Chief Investment Strategist at said that in India, the market momentum is so strong that the benchmark indices are moving towards previous record highs. Even though valuations are getting expensive investors should remain invested in this strong market.
“Strong FII buying and short covering can surprise the market on the upside. Domestic economy-facing stocks continue to be the favourites. Bank Nifty is moving towards record highs,” Vijaykumar added.
Among Sensex stocks,
rose 2.45 per cent to Rs 1,135.30. , , and ICICI Bank climbed 1.17 per cent, 1.01 per cent, 0.99 per cent and 0.89 per cent, respectively. , Infosys and surged 0.86 per cent, 0.74 per cent and 0.67 per cent, respectively.
Sectorally, the Nifty Metal index surged 1.19 per cent, while Nifty PSU rose 1.06 per cent. Nifty Midcap50 and Smallcap50 increased 0.45 per cent and 0.72 per cent, respectively.
The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, fell 0.66 per cent to the 108.98 level.
On Thursday US markets ended higher, Nasdaq, Dow and S&P 500 surged 0.60 per cent, 0.61 and 0.66 per cent, respectively.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)