The frontline indices traded with major gains in early afternoon trade. The Nifty traded above the 22,550 mark. IT shares advanced after declining in the past three trading sessions.
At 12:30 IST, the barometer index, the S&P BSE Sensex, gained 1,366.33 points or 1.87% to 74,504.23. The Nifty 50 index added 402.30 points or 1.84% to 22,580.
The broader market outperformed the frontline indices, the S&P BSE Mid-Cap index jumped 1.77% and the S&P BSE Small-Cap index surged 2%.
The market breadth was strong. On the BSE, 2,974 shares rose and 778 shares fell. A total of 163 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 9.66% to 20.59. The Nifty 24 April 2025 futures were trading at 22,615.25, at a premium of 35.25 points as compared with the spot at 22,580.
The Nifty option chain for the 24 April 2025 expiry showed a maximum call OI of 43 lakh contracts at the 23,500 strike price. Maximum put OI of 38.6 lakh contracts was seen at a 23,500 strike price.
Buzzing Index:
The Nifty IT index rallied 2.42% to 33,460.90. The index tumbled 7.78% in three consecutive trading sessions.
Mphasis (up 3.7%), Infosys (up 2.96%), LTIMindtree (up 2.6%), Coforge (up 2.53%) and Tech Mahindra (up 2.12%), HCL Technologies (up 1.72%), Wipro (up 1.61%), Oracle Financial Services Software (up 1.34%), Persistent Systems (up 0.96%) and Tata Consultancy Services (up 0.43%) advanced.
Stocks in Spotlight:
Refex Renewables & Infrastructure surged 9.86% after the company announced that its wholly-owned subsidiary, Refex Green Power, has won a tender worth Rs 78.54 crore from Madurai City Municipal Corporation, Tamil Nadu.
Arkade Developers advanced 4.09% after the company announced that it has registered a development agreement for cluster redevelopment in Borivali West, Mumbai, with a gross development value (GDV) of approximately Rs 865 crore.
Sobha added 2.19% after the company‘s total sales value jumped 22.1% to Rs 1,835 crore in Q4 FY25 as compared with Rs 1,504 crore in Q4 FY24.