Except for media stocks, all other sectoral indices were bullish. Metal stocks were flat. Nifty 50 has hit a new 52-week high of 16,025, while Sensex touched a new 52-week high of 53478.57.
At around 2.10 pm, BSE Sensex was trading at 53,530.98 up 580.35 points or 1.10% and Nifty50 at 16,041.85 up 156.70 points or 0.99%.
Nifty FMCG was trading at 14,614.10 up 139.15 points or 0.96%, touching a high of 14,690.40 and low of 14,457.95 during intraday trade.
Sun Pharma surged 10% higher at the end of last week on the back of strong quarterly earnings. It has carried forward the momentum to this week. The company stock was trading 2.6% higher at Rs794.95 per piece.
Lupin also advanced 1.3% at Rs1,139.10 per piece. Divis Lab also went 1.1% higher in the afternoon trade at Rs4,983.60 per piece. Alkem Lab rose 0.7%. Torrent Pharma and Cipla also traded higher.
Auro Pharma, DR Reddy's and Cadila were just marginally higher. Biocon was the lone stock in the red, trading 0.12% lower.