Benchmark indices have turned around with Sensex jumping 263 points at 36,736 mark while the Nifty spiked 96 points and is trading at 10,837 level.
Finance Minister Nirmala Sitharaman will hold a press briefing today evening, a government spokesman said, amid expectations that the government would announce steps to revive economic growth, said Reuters.
Several businessmen say the Narendra Modi-led government needs to take swift action on the economy, as the economic growth in January-March slid to a near five-year low of 5.8 percent. Most analysts expect data due later this month to show that growth in April-June faltered even further, it added.
Oil & gas stocks along with the media space are the outperforming sector, up over 3 percent each. The top gainers from the energy space are HPCL and BPCL which spiked 5-6 percent each followed by Indian Oil Corporation, ONGC and Reliance Industries.
From the media space, the top gainers are Network18 which zoomed over 10 percent followed by Dish TV, Zee Entertainment, TV18 Broadcast, Sun TV Network, PVR, DEN Networks and UFO Moviez.
Metal stocks are also buzzing led by JSPL, Vedanta, SAIL, Tata Steel, Coal India, Hindustan Copper, NMDC and Jindal Stainless.
Nifty Midcap added 2.5 percent, the top gainers are Cholamandalam Investment, Dewan Housing Finance, Castrol India, Dish TV, Exide Industries, M&M Financial Services, Mindtree, NBCC, REC,Reliance Power, Reliance Infra and Tata Power Company.
Nifty PSE jumped over 3 percent led by Bharat Electronics which is up over 6 percent followed by General Insurance, NTPC, SAIL and REC.
From the auto space, the top gainers are Ashok Leyland which jumped 4 percent followed by Bosch, Exide Industries, Mahindra & Mahindra and Tata Motors.
Bank Nifty is flat with ICICI Bank, IndusInd Bank and HDFC Bank trading in the red while PNB, YES Bank, Bank of Baroda and State Bank of India are trading in the green.India VIX is down 2.63 percent and is trading at 17.38.
The top Nifty50 gainers include Vedanta, Zee Entertainment, BPCL, YES Bank and Grasim Industries while the top losers are IndusInd Bank, ITC, Eicher Motors, Power Grid and Larsen & Toubro.
The most active stocks are YES Bank, Indiabulls Housing, Reliance Industries, HDFC Bank and IndusInd Bank.
611 stocks have hit 52-week low on BSE including Edelweiss Financial Services, PNB Housing Finance, Motherson Sumi Systems, L&T Finance Holdings, Mahindra CIE Automotive, UCO Bank, IndusInd Bank, Eicher Motors, Page Industries and Cipla among others.
Among the Nifty50 names, 38 stocks advanced while 12 declined. On the BSE, 1246 stocks advanced, 1110 declined and 140 remained unchanged.