The market is in high spirits and is holding its early gains. The Sensex is up 247.91 points or 0.9 percent at 27353.30 and the Nifty is up 68.40 points or 0.8 percent at 8259.90. About 1306 shares have advanced, 396 shares declined, and 113 shares are unchanged. Metals, auto and pharma stocks are lending major support to the indices.
Hindalco is up 3 percent while Hero, HDFC, Tata Steel and Bajaj Auto are top gainers. HUL is down 2 percent. Oil prices held steady in Asia today after an interest rate cut by China boosted demand hopes in the world's top energy consumer, while a healthy US jobs report also provided support, analysts said. US benchmark West Texas Intermediate for June delivery eased eight cents to USD 59.31 while Brent crude for June rose two cents to USD 65.41 in late-morning trade.
China's central bank on Sunday cut its key rates by 25 basis points- after two similar moves since November, as it looks to support the world's number two economy, which grew last year at its slowest pace since 1990. The move is the latest stimulus by the People's Bank of China, which has also twice this year reduced the amount of cash lenders must keep in reserve.
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