Along with sustained buying demand, the key benchmark indices showed gains and hit fresh intraday high in evening trade. At 3:00 PM, the BSE Sensex is trading at 26,226 up 420 points, while NSE Nifty is trading at 8,926 up 118 points. The BSE Mid-cap Index is trading up 1.65% at 16,996, whereas BSE Small-cap Index is trading up 1.49% at 11,721.
Some buying is visible in media, pharma, IT and financial services sectors, whereas realty sector is witnessing weakness on NSE. The INDIA Volatile Index is down 7.36 percent at 15.3800.
In the midst, Finance Minister Arun Jaitley has said that tax payers should be trusted, unless proven otherwise and batted for a globally compatible lower level of taxation. Jaitley said voluntary compliance by citizens of payment of due taxes needs to be reciprocated by authorities with a tax-friendly administration.
On the other side, Prime Minister Narendra Modi is set to meet with experts at NITI Aayog today to talk about ways to drive economic growth in the outcome of lowered growth forecasts by various agencies.
On commodity markets overview, crude oil is witnessing buying interest today. Most of the gains are witnessed on the back of surge in US demand. Also, a latest data indicates a decline in inventory levels which has helped crude oil trade on a positive note.
Overseas, Asian stocks were trading flat to mildly positive and with little to guide them as most major markets were closed yesterday, 26 December 2016 for Christmas holidays.
The trade of long developed markets and short emerging markets (EM) has played out well in the last two months with both the Japanese Nikkei and the US Dow Jones now in sight of hitting 20,000.