The domestic stock markets are going strong in the afternoon session, after a gap-up opening, on the back of positive global cues. Asian markets are trading on a firm note and European markets have had a stable opening. At 1:35 pm, the Sensex was trading at 52,795.70, higher by 604.30 points or 1.15 per cent and NSE Nifty was at 15,809.25, up 177.15 points or 1.13 per cent. The broader markets are also trading firm, with the BSE Midcap index and BSE Smallcap index gaining 0.8 per cent and 1.3 per cent respectively.
In the currency markets, the rupee has gained 18 paise to 74.43 against the dollar. In the interbank foreign exchange, the rupee opened at 74.46 against the dollar and subsequently inched higher to 74.43.
In corporate news, Hindustan Unilever reported a 9.6 per cent jump in Q1 net profit at Rs 2,061 crore in the quarter ended June 30 compared to Rs 1,881 crore in the corresponding quarter last year. The shares of Hindustan Unilever were however trading lower at Rs 2399, down 1.4 per cent, on the BSE.
UltraTech Cement, Bajaj Auto, Biocon, Can Fin Homes, Chennai Petroleum Corporation and CSB Bank will declare their earnings during the day.
On the stock-specific front, financial stocks are having a strong session of trading. Bajaj Finance, Bajaj Finserv, ICICI Bank and IndusInd Bank have gained 1-3 per cent each on the BSE. Tech Mahindra, Tata Steel and L&T are the other significant gainers on the BSE.
On the other hand, Asian Paints, ITC, Nestle and Bharti Airtel have lost up to a per cent each on the BSE.
The BSE market breadth is strong. Out of 3,316 stocks traded on the BSE, there are 2,252 advancing stocks as against 926 declines.