The Sensex is up 367.07 points or 1.82 percent at 20561.47, and the Nifty is up 110.50 points or 1.84 percent at 6100.10. More than two shares advanced for every share declining on the BSE.

Moneycontrol Bureau Live Market Commentary

Equity benchmarks are on strong wicket today with the Nifty hitting 6100 level and the Sensex gaining 370 points after seeing a 5 percent loss in last seven sessions.

The Sensex is up 367.07 points or 1.82 percent at 20561.47, and the Nifty is up 110.50 points or 1.84 percent at 6100.10. More than two shares advanced for every share declining on the BSE.

BSE Sensex up over 300 pts; Coal India falls 2% on Q2 nos

Coal India is reacting negtaively (down over 2 percent) as it reported a marginal drop in consolidated net profit at Rs 3,052.36 crore for the July-September quarter as expenses rose. The world’s largest coal miner posted a profit of Rs 3,078.08 crore in the second quarter a year earlier.

10:50 am Stock view: Gopi Suvanam, Founder of InvestWorks told CNBC-TV18, ” Cipla is trading at a slightly lower premium, so I would go for those stocks. If you look at Dr Reddys, although it is trading at slightly higher premium compared to other stocks, I think there is still some more way to go.

“There are some stocks that are trading at 34 P/E as well. So I don’t think P/E should be a constraint at the moment. Sun Pharmaceuticals is still a good buy but there are other stocks like Cipla which are better buys, he added.

10:40 am Boardroom: Buckled under heavy subsidy burden, Oil and Natural Gas Corp on Wednesday reported modest profit growth in the second quarter. In an interview to CNBC-TV18, ONGC chaiman Sudhir Vasudeva said going forward gross realisations would depend on oil prices and subsidy burden although the latter is expected to show a year-on-year decline in FY14.

Vasudeva had said yesterday that realisations (earnings per barrel) were much less than what is needed to maintain production and indicated that if the current situation continues, the company may have to draw down reserves.

10:30 am Rupee check: The rupee gained past 63 per dollar on after comments from the Reserve Bank of India chief about dollar demand from oil companies being smoothly absorbed by the forex market and easing fears of near-term tapering by the US Federal Reserve helped the currency. The rupee rose to 62.9525 to a dollar versus its Wednesday close of 63.30.

10:20 am FII view: Jyotivardhan Jaipuria of Bank of America Merrill Lynch feels in the second quarter, FIIs were overweight on financials. “They upped underweight on staples and lowered underweight on utilities. They also lowered overweight on autos,” he adds. Key stocks bought by the FIIs include Infosys , Wipro , TCS , HCL Technologies . On the other hand key stocks sold include HUL , ICICI Bank , Yes Bank , HDFC Bank and SBI .