Sensex Gains Momentum, Rallies 508 Points
Mumbai: Market benchmark Sensex gained further in late morning deals and was up by 508 points amid all-round buying in frontline shares led by metal, realty, capital goods, industrials, energy and bank sectors.
The second-line, mid-cap and small-cap shares, also witnessed heavy buying.
Despite caution in view of muted macroeconomic data, investors resorted to buying from oversold positions amid firm Asian cues.
The BSE Sensex opened higher at 23,223.43 and moved in a range of 23,497.43 to 23,197.67 before quoting 23,494.05 at 1100 hours, gaining 507.93 points or 2.21 percent.
The NSE Nifty was also trading higher well above 7,000-level by 163.50 points or 2.34 percent to 7,144.45.
Major gainers were Tata Steel 9.13 percent, SBI 6.74 percent, Adani Ports 6.69 percent, L&T 5.34 percent, Axis Bank 5.12 percent, Lupin 4.69 percent, Coal India 4.02 percent, ICICI Bank 3.71 percent and RIL 3.58 percent.
Meanwhile, foreign portfolio investors sold shares worth 
398.37 crore on Friday.
Overseas, Asian markets were mostly higher tracking strong finish on Wall Street last Friday. However, China's Shanghai Composite was down 1.57 percent as trading resumed there after a week long holiday.
