Frenzied buying gripped the bourses today, ahead of a cabinet meeting to announce further reform initiatives. The Sensex breached the 19,000 levels for the first time in 15 months, on buying in cyclicals and high beta names.
The Sensex was trading higher by 140 points at 19010 points, while the Nifty was trading higher by 45 points. Among the gainers in trade today were ICICI Bank, Tata Motors, Tata Steel and Bharti Airtel.
Among the losers in trade were Cipla and TCS. Shares of Reliance Capital surged more than 2.5% in early trade after reports that the government would clear a proposal for FDI in insurance. Max India too gained almost 3% on similar hopes of FDI in the insurance sector.
Shares of Havells too were in the limelight after the electrical goods maker said it planned to open more than 200 'Havells Galaxy' exclusive stores by the end of this financial year.
Among the index stocks that lost ground were Ranbaxy Laboratories, Siemens India and Cipla.
Banking stocks continued to be in the limelight with most of the PSU banking stocks witnessing a sharp rally in early trade. Shares of software companies witnessed a subdued trend with TCS and Infosys both declining in early trade on a declining rupee.
Meanwhile, shares in Asia continued to rule firm with most of the markets trading in the green.