The domestic equity benchmarks traded with modest gains in mid-afternoon trade aided by short-covering after sharp losses in the previous session. Sentiment was also supported by easing in crude oil prices. The Nifty traded above the 23,150 mark. Pharma shares advanced after declining in the past trading session.
At 14:30 IST, the barometer index, the S&P BSE Sensex surged 516.17 points or 0.70% to 74,723.41. The Nifty 50 index jumped 168 points or 0.73% to 23,171.10.
In the broader market, the BSE 150 MidCap Index added 0.81% and the BSE 250 SmallCap Index gained 0.64%.
The market breadth was strong. On the BSE, 2,644 shares rose and 1,525 shares fell. A total of 182 shares were unchanged.
The rupee hit a record low of 93.4550 against the U.S. dollar, as the greenback strengthened further and FII outflows continued unabated amid the ongoing West Asia conflict.
Buzzing Index:
The Nifty Pharma index rose 1.98% to 22,540.15. The index fell 2.35% in the past trading session.
Laurus Labs (up 4.67%), Glenmark Pharmaceuticals (up 4.23%), Aurobindo Pharma (up 3.8%), Lupin (up 3.7%), Biocon (up 3.41%), Divis Laboratories (up 2.95%), Piramal Pharma (up 2.31%), Dr Reddys Laboratories (up 2.26%), Zydus Lifesciences (up 1.93%) and Torrent Pharmaceuticals (up 1.81%) jumped.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose 0.42% to 6.757 compared with the previous session close of 6.729.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 93.4550 compared with its close of 92.8900 during the previous trading session.
MCX Gold futures for the 2 April 2026 settlement rose 1.59% to Rs 147,263.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.15% to 99.35.
The United States 10-year bond yield shed 0.16% to 4.276.
In the commodities market, Brent crude for May 2026 settlement rose 82 cents or 0.75% to $107.83 a barrel.
Stocks in Spotlight:
Tata Steel gained 3.52% after the company inaugurated its first scrap-based Electric Arc Furnace (EAF) facility in India at Ludhiana, marking a significant step in its sustainability roadmap.
P N Gadgil Jewellers gained 1.41% after the company announced that it has crossed the Rs 10,000 crore revenue milestone in FY26, reflecting strong business momentum.
State Bank of India (SBI) climbed 1.52% after the bank’s subsidiary company, SBI Funds Management (SBIFM) has filed a draft red herring prospectus (DRHP) with SEBI for an initial public offer (IPO).