The key benchmark indices continued to hold the early gains amid positive global markets. Most of the Asian markets closed out a robust July with more gains as better-than-expected earnings reinforced hopes of stronger global growth.
The BSE 30-share Sensex was up 295 points at 15,683. The Nifty rose 76 points to 4,647.
India's largest private sector firm by market capitalisation and oil refiner Reliance Industries (RIL) rose 1.85% to Rs 1,935 on bargain hunting after a recent sharp fall. But the stocks came off the day's high of Rs 1,953.90.
Oil exploration pivotals rose after US crude futures bounced back on Thursday, ending nearly 6% higher to reverse losses suffered in the previous session as Wall Street sizzled and the dollar edged lower. India's largest state-run oil exploration firm by sales ONGC rose 5.84%. Cairn India rose 1.91%.
On the New York Mercantile Exchange, September crude settled up $3.59, or 5.67%, at $66.94 a barrel. Rise in crude oil prices would result in higher realizations from crude sales for oil exploration firms.
Capital goods and construction stocks rose on government's thrust on infrastructure sector in Union Budget 2009-2010. Nagarjuna Construction Company, Hindustan Construction Company, Era Infra Engineering, Gayatri Projects and IVRCL Infrastructure & Projects rose by between 0.38% to 5%.
From capital goods space, Bharat Heavy Electricals, Larsen & Toubro, Thermax, Punj Lloyd, ABB, Praj Industries, Siemens rose by between 0.55% to 2.18%.
McNally Bharat Engineering jumped 7% after the company said it has won an order worth Rs 414 crore.
Cement stocks rose on posting good Q1 June 2009 results in the past few days. Grasim Industries, ACC, Ambuja Cements and Ultratech Cements rose by between 0.3% to 2.14%.
Some power stocks rose after a strong response to the Adani Power initial public offer (IPO) which opened for subscription on Tuesday, 28 July 2009. Reliance Power, Power Grid Corporation Of India, CESC rose by between 0.72% to 1.27%.
Reliance Infrastructure rose 1.97% after net profit rose 25.35% to Rs 316.57 crore in Q1 June 2009 over Q1 June 2008. The company announced result after market hours on Thursday. 30 July 2009.
Tata Power Company rose 0.18% ahead of its Q1 June 2009 result today.
Bank stocks rose on strong Q1 results from State Bank of India, India's biggest commercial bank in terms of branch network. State Bank of India (SBI) rose 4.63% extending Thursday's 4.37% gains as its net profit jumped 42.02% to Rs 2330.37 crore on 29.86% rise in total income to Rs 21041.51 crore in Q1 June 2009 over Q1 June 2008. The results hit the market during trading hours on Thursday 30 July 2009.