Benchmark indices were trading higher ahead of economic survey to be tabled in parliament. Global cues were also strong, which pushed benchmark indices higher. The Sensex was trading with gains of 148 points, while the Nifty was up 38 points in trade. Leading the set of gainers were stocks from the private sector banking space, including the likes of Kotak mahindra Bank and IndusInd Bank.
PCU stocks were seeing heavy selling pressure with top losers from the Nifty being ONGC, Power Grid Corporation and Coal India. Reliance Industries continued to dip lower and was lost another 0.5 per cent in trade. The stock has now dropped significantly from its 52-week highs.
Shares in Bharti Infratel gained ground, after the company reported a tepid set of results. A leading foreign brkerage firm has downgraded the stock.
Shares in Kotak Mahindra Bank jumped 4 per cent, after reports that the lender has reached an agreement with the Reserve Bank of India, settling long-standing differences between the lender and its regulator over promoter shareholding. In fact, a sharp rise in the stock is what propelled the markets higher.
Meanwhile, markets are expected to be volatile ahead of the Union Budget to be declared later tomorrow. Markets are going to the event on near record highs.