The headline equity indices trade with strong gains in the morning trade, tracking gains in Asian peers and aided by short-covering after sharp losses in the previous session. Sentiment was further supported by easing crude oil prices and a softer dollar. The Nifty traded above the 23,250 mark. PSU bank shares advanced after declining in the past trading session.
At 10:30 IST, the barometer index, the S&P BSE Sensex, surged 866.07 points or 1.17% to 75,073.31. The Nifty 50 index rose 264.80 points or 1.15% to 23,261.60.
In the broader market, the BSE 150 MidCap Index jumped 1.36% and the BSE 250 SmallCap Index added 0.95%.
The market breadth was strong. On the BSE, 2,836 shares rose and 881 shares fell. A total of 173 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 2.32% to 22.27.
The rupee hit a record low of 93.2550 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 PSU bank index jumped 3.22% to 8,680.80. The index added 2.91% in the past trading session.
Canara Bank (up 4.65%), Indian Bank (up 4.1%), Bank of Maharashtra (up 3.85%), Bank of India (up 3.78%), Union Bank of India (up 3.47%), Punjab National Bank (up 3.22%), State Bank of India (up 3.13%), Bank of Baroda (up 3.12%), Indian Overseas Bank (up 2.78%) and UCO Bank (up 2.62%) rose.
Stocks in Spotlight:
NTPC advanced 2.03% after the company signed a memorandum of understanding (MoU) with Octopus Energy Group, a leader in clean energy and digital energy platforms, to explore strategic collaboration across the power and energy sector.
Vibhor Steel Tubes gained 1.77% after the company announced that it has secured a new work order worth Rs 16.87 crore from Agrawal Infracab for the supply of transmission towers.
Artson jumped 4.01% after the company announced it has secured an order worth Rs 42.22 crore from Anuppur Thermal Energy in Madhya Pradesh.