Share markets in India have extended early gains and are presently trading on a strong note.
Benchmark indices gained for a second consecutive day, as index heavyweight Reliance Industries surged over 2% and hit its all-time high.
The gains in the past few days for Reliance come as global brokerage firm Morgan Stanley has upgraded its target price.
Meanwhile, markets also took cues from firm Asian share markets which are mostly trading higher.
Currently, the BSE Sensex is trading up by 691 points, up 1.2%, at 57,700 levels.
Meanwhile, the NSE Nifty rose above the 17,300-mark and is presently trading up by 193 points.
Shares of Asian Paints, Infosys and TCS soared around 3% while L&T and Bajaj twins added to the gains.
Tata Steel and Power Grid, on the other hand, remained the only losers from Sensex.
Broader markets are trading in line with benchmarks. The BSE Midcap and BSE Smallcap index are trading 0.8% and 1.3% higher.
Among individual stocks, Nestle shares are in focus after the company's net profit fell 1.3% year-on-year (YoY) to Rs 5.9 bn in March quarter.
Meanwhile, shares of Angel One surged 10% to hit an all-time high after the company reported a healthy set of numbers.
The stock broking & allied services company reported a sequential growth of 24% in its net profit while revenues too grew 16%.
In his latest video for Fast Profits Daily, Chartist Brijesh Bhatia talks about the life insurance sector.
Brijesh is bearish on the sector and in the below video, he explains why. Tune in to find out more:
More details to follow in the upcoming commentary.
For information on how to pick stocks that have the potential to deliver big returns, download our special report now!
Read the latest Market Commentary
Equitymaster requests your view! Post a comment on "Sensex Zooms 700 Points as IT, Energy Stocks Rally; Reliance, Infosys & TCS Up 2%". Click here!
Comments are moderated by Equitymaster, in accordance with the Terms of Use, and may not appear
on this article until they have been reviewed and deemed appropriate for posting.
In the meantime, you may want to share this article with your friends!