The key equity benchmarks pared early losses to trade with modest gains in morning trade, supported by positive global cues. However, sentiment remained cautious amid persistent concerns over the ongoing US-Iran conflict in the Middle East, elevated crude oil prices, and sustained strength in the US dollar, which continue to weigh on risk appetite. The Nifty traded above the 23,500 level. Auto shares extended gains for the fourth consecutive trading session.
At 10:30 IST, the barometer index, the S&P BSE Sensex, jumped 424.57 points or 0.56% to 75,927.42. The Nifty 50 index rose 138.65 points or 0.59% to 23,547.45.
In the broader market, the BSE 150 MidCap Index advanced 0.89% and the BSE 250 SmallCap Index rose 0.62%.
The market breadth was strong. On the BSE, 2,483 shares rose and 1,205 shares fell. A total of 162 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tanked 7.16% to 20.06.
Buzzing Index:
The Nifty Auto index added 1.95% to 25,078.65. The index surged 3.65% in two consecutive trading sessions.
Mahindra & Mahindra (up 2.91%), Exide Industries (up 2.27%), Maruti Suzuki India (up 2.04%), Samvardhana Motherson International (up 1.87%), Bharat Forge (up 1.69%), Ashok Leyland (up 1.67%), TVS Motor Company (up 1.64%), Bosch (up 1.58%), Hero MotoCorp (up 1.55%) and Eicher Motors (up 1.54%) rose.
Stocks in Spotlight:
Power Mech Projects added 2.06% after it secured an order worth Rs 709.56 crore from Adani Infrastructure Management Services, a part of the Adani Group, for operations and maintenance services at a thermal power plant in Maharashtra.
Oberoi Realty added 3.02% after the company said that it has entered into a development agreement for lands situated at Aram Nagar, Versova, Andheri West, Mumbai.
Gujarat Mineral Development Corporation (GMDC) rose 1.71% after the company announced that it has signed a Memorandum of Understanding (MoU) with NMDC to explore strategic collaboration opportunities in the Rare Earth Elements (REE) sector.