Tata Steel has actually hit a 52-week high of Rs 1218.45, up 3 per cent, on the BSEThe domestic stock markets have sustained their gains in afternoon trading on the back of favourable worldwide hints.
At 2:18 pm, the BSE Sensex was at 49,583.45, higher by 375.75 points or 0.76 per cent and the NSE Nifty was at 14,957.10, up 134.20 points or 0.91 per cent.
The wider markets are also trading strong, with the BSE Midcap and BSE Smallcap indices gaining 0.9 percent and 1.1 per cent respectively.Stocks in Asia increased on Monday amidst speculation that rate of interest will stay low for a prolonged duration due to the receding risk of a rapid acceleration in inflation, while oil prices jumped after a cyber attack on a United States pipeline operator unnerved markets.
Futures for Japan's Nikkei rose 0.03 per cent.The Dow and S&P 500 struck record closing highs on Friday and the Nasdaq recuperated after United States tasks data alleviated issues over prospects for increasing rates.
The Dow rose 0.66 percent, S&P 500 got 0.74 percent and the Nasdaq Composite included 0.88 per cent.Meanwhile, crude rates climbed up more than 1 percent on Monday after a major cyber attack that forced the shutdown of critical fuel supply pipelines in the United States, highlighting the fragility of oil facilities.
Brent crude was up by 76 cents, or 1.1 per cent, at $$69.04 a barrel by 0039 GMT and United States West Texas Intermediate futures increased by 70 cents, or 1.1 percent, at $65.60 a barrel.On the stock-specific front, Coal India, UPL and Hindalco have gained up to 5 percent each on the BSE.
And Tata Steel is trading at a fresh 52-week high of Rs 1,214.45, up 2.7 per cent, on the BSE.On the other hand, Ultratech Cement, Shree Cements and Britannia have shed around a percent each on the BSE.