BSE Sensex moved up 430 points in morning trade on Wednesday at 66,786 points.
Larsen & Toubro, Reliance Industries, ITC, Adani Ports and BPCL are among the top gainers on the Nifty, while losers are SBI Life Insurance, Titan Company, M&M, Cipla and UltraTech Cement.
L&T up by more than 3 per cent and Reliance Industries up almost 2.50 per cent are leading the market upmove. All the sectoral indices are trading higher with capital goods index up 2 percent. Midcap and Smallcap indices up 0.3-0.5 percent.
Globally market participants will be closely watching US Federal Reserve chief Jerome Powell's comments about the disinflation process in the US and the likely trend in interest rate, says V.K, Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
A 25 bp rate hike, already discounted by the market, will not trigger any market move.
But if the Fed chief indicates that inflation is coming under control and, therefore, no further rate hikes are needed, that will be a big trigger for markets to move up. But such an outcome is highly unlikely since the Fed will play it safe even if inflation is coming under control, he added.
While the range bound movement of the Indian market is likely to continue today, individual stock action in response to results and news will happen.
Q1 results of Tata Motors and their decision to cancel DVR shares and the good results of L&T and the share buy back news are sentient positive, he added.
(With inputs from IANS)
