The headline equity indices traded with strong gains in morning trade, supported by improved market sentiment after U.S. President Donald Trump’s comments on the Iran war, a decline in oil prices and other positive cues following the recent selloff. The Nifty traded above the 24,150 mark. Auto stocks advanced after declining in the previous two trading sessions.
At 10:30 IST, the barometer index, the S&P BSE Sensex, advanced 482.29 points or 0.55% to 77,994.45. The Nifty 50 index gained 133.40 points or 0.56% to 24,163.65.
The broader market outperformed the frontline indices. The BSE 150 MidCap Index jumped 1.03% and the BSE 250 SmallCap Index gained 1.18%.
The market breadth was strong. On the BSE, 2,841 shares rose and 844 shares fell. A total of 188 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 12.53% to 20.44.
Buzzing Index:
The Nifty Auto index jumped 1.63% to 26,388.30. The index dropped 5.11% in the past two consecutive trading sessions.
Ashok Leyland (up 3.36%), Mahindra & Mahindra (up 2.53%), Sona BLW Precision Forgings (up 2.36%), Samvardhana Motherson International (up 2.22%), TVS Motor Company (up 2.14%), Tata Motors Passenger Vehicles (up 1.72%), Uno Minda (up 1.66%), Eicher Motors (up 1.52%), Hero MotoCorp (up 1.36%) and Bosch (up 1.17%) advanced.
Stocks in Spotlight:
Hindustan Organic Chemicals (HOCL) shed 0.34%. The company said that it has temporarily curtailed operations at its Kochi phenol complex following disruption in LPG supply from Bharat Petroleum Corporation.
Optiemus Infracom advanced 2.66% after the company’s board approved the infusion of additional capital aggregating to Rs 195 crore into its two wholly owned subsidiaries thorugh a right basis.
Minda Corporation gained 2.58% after its subsidiary, Spark Minda Green Mobility Systems signed a joint venture agreement with Turntide Drives.