The sharemarket is extending rally with support from capital goods and realty stocks. The Nifty is inching close to 7350, up 46.55 points at 7322.95. The Sensex is up 178.58 points at 24552.98.

About 1986 shares have advanced, 840 shares declined, and 97 shares are unchanged. SBI is up 4 percent as it asset quality improved in March quarter while ITC is in focus.

In a CNBC-TV18 exclusive, Deepak Parekh, Chairman of HDFC says he is not running for finance ministry but adds that he will do whatever the government asks him.

He believes oil import bill should be the government’s biggest priority. Asian shares edged up to one-year highs as investors welcomed signs of improving momentum in the world’s biggest economies, with Tokyo’s Nikkei poised to score its first weekly gain in nearly a month thanks to a weaker yen.

“Despite modest gains in overnight markets, European traders are showing some hesitation ahead of the Ukrainian and European election results,” said Jonathan Sudaria, a dealer at London Capital Group.