The BSE Sensex and Nifty traded with nearly 0.70 per cent gains in the afternoon trade, led by advances in energy stocks. Gains in FMCG, IT and pharma stocks also supported the market.
As of 12.15 p.m., the Sensex traded 182 points higher at 27,209 whereas the 50-share Nifty index was up 53 points at 8,139.75.
Among the energy stocks, ONGC was up over 2 per cent at Rs 452.60 as Brent crude prices traded near $100 per barrel mark. Bank of America Merrill Lynch has also upgraded the stock to buy from neutral with a target price of Rs 534. BofA says ONGC is likely to gain from oil sector reforms.
Other energy stocks like Gail and Cairn India were also up between 1 to 1.5 per cent each. Oil marketing companies BPCL, HPCL and Indian Oil also advanced on lower crude prices.
Asian Paints rose over 4 per cent to be the biggest gainer among the Nifty stocks.
In broader markets, stocks like Punj Lloyd gained nearly 10 per cent to hit their intraday circuit limit after the company bagged an order worth $581 million.
Out of the 50 shares in Nifty, 40 stocks gained while 10 shares declined. NMDC and Kotak Mahindra Bank were the top two losers in Nifty.
The broader index was also positive with the CNX 500 index gaining 0.70 per cent.
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