At 14:28 IST, the barometer index, the S&P BSE Sensex, was up 553.74 points or 0.93% to 60,298.79. The Nifty 50 index added 163.8 points or 0.92% to 17,976.40.
The broader market traded with strong gains. The S&P BSE Mid-Cap index rose 0.71% while the S&P BSE Small-Cap index added 1.2%.
The market breadth was strong. On the BSE, 2,699 shares rose and 940 shares fell. A total of 112 shares were unchanged.
COVID-19 Update:
India saw a single-day rise of 1,79,723 new coronavirus cases, raising the tally to 3.57 crore, which included 4,033 cases of Omicron variant reported across 27 states and union territories. The country reported 146 deaths linked to the virus.
Broader Market Gainers:
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Bharat Heavy Electricals (up 5.13%), Aarti Industries (up 4.72%), Indian Hotels (up 4.72%), Federal Bank (up 4.43%) and Canara Bank (up 3.79%) were top gainers in Mid Cap space.
Alok Industries (up 12.24%), Intellect Design Arena (up 7.18%), Jubilant Ingrevia (up 7.1%), Indian Overseas Bank (up 6.07%) and Laxmi Chemical (up 5%) were top gainers in Small cap space.
Stocks in Spotlight:
Sobha rose 1.18% to Rs 862.50 after the company reported Q3 sales volume of 1,322,684 square feet of super built-up area, an increase of 17% YoY. The sales volume was valued at Rs 1,048 crore. The company had reported a sales volume of 1,133,574 square feet that was valued at Rs 887.6 crore in Q3 FY21. It also reported the highest ever share of the sale value of Rs 908 crore during the quarter, up by 34% YoY. The average price realization during the quarter was Rs 7,920 per square feet (up 1% YoY).
Alembic Pharmaceuticals added 1.29% to Rs 817 after the company received tentative approval from the US Food & Drug Administration (USFDA) for its ANDA for Dronedarone Tablets. The tentatively approved abbreviated new drug application (ANDA) is therapeutically equivalent to the reference listed drug product (RLD) Multaq Tablets of Sanofi-Aventis U.S. LLC. Dronedarone is indicated to reduce, the risk of hospitalization for atria) fibrillation in patients in sinus rhythm with a history of paroxysmal or persistent atrial fibrillation.
Numbers to Track:
The yield on 10-year benchmark federal paper rose to 6.584% as compared with 6.542% at close in the previous trading session.
In the foreign exchange market, the rupee higher against the dollar. The partially convertible rupee was hovering at 74.14, compared with its close of 74.3425 during the previous trading session.
MCX Gold futures for 4 February 2022 settlement fell 0.19% to Rs 47,360.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.26% to 95.96.
In the commodities market, Brent crude for March 2022 settlement rose 26 cents or 0.32% to $82.01 a barrel.
Global Market:
European shares declined while Asian stocks ended mixed on Monday as global markets await key U.S. inflation data this week and more comment from U.S. Federal Reserve Chairman Jerome Powell on interest rate hikes.
The U.S. consumer price index is set for release Wednesday and the producer price index is slated for Thursday.
Investors will be looking out for more comments on the timing of forthcoming interest rate rises, as the Fed chair is scheduled to testify Tuesday at his nomination hearing before a Senate panel.
Last Friday, inflation in the euro zone hit a new record high in December coming in at 5% compared with the same month last year.
On Friday, the Labor Department reported the U.S. economy added far fewer jobs in December than expected. The nonfarm payrolls report showed an increase of 199,000 in December. The U.S. unemployment rate fell to 3.9% in December from 4.2% in November, the jobs report showed.
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