At 14:28 IST, the barometer index, the S&P BSE Sensex, was up 556.85 points or 1.57% at 35,971.30. The Nifty 50 index added 150.95 points or 1.45% at 10,585.65.
On the daily chart, the Nifty's 200 day moving average (DMA) stands at 10887.94. The index is trading steeply above its 100 DMA at 9946.24.
In the broader market, the S&P BSE Mid-Cap index gained 0.93% while the S&P BSE Small-Cap index rose 1.08%.
Buyers outnumbered sellers. On the BSE, 1704 shares rose and 965 shares fell. A total of 131 shares were unchanged. In Nifty 50 index, 36 stocks advanced while 14 stocks declined.
Buzzing Segment:
Shares of companies whose fortunes are linked to orders from Indian Railways surged after India's Railway Ministry began the formal process to allow a private company to run trains on 109 routes.
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Texmaco Rail (up 13.24%), RITES (up 5.31%), Hind Rectifiers (up 5%), Titagarh Wagons (up 5%), IRCON International (up 3.57%), IRCTC (up 3.47%) and Bharat Heavy Electricals (up 1.66%) advanced.
The Ministry of Railways on Wednesday (1 July) invited Request for Qualifications (RFQ) for private participation for operation of passenger train services over 109 origin destination (OD) pairs of routes through introduction of 151 modern trains (rakes). The 109 OD pairs have been formed into 12 clusters across the Indian Railway network. Each train shall have a minimum of 16 coaches. The project would entail private sector investment of about Rs 30,000 crore. The concession period for the project shall be 35 years. This is the first initiative of private investment for running passenger trains over Indian railways network. The private entity shall be responsible for financing, procuring, operation and maintenance of the trains.
Stocks in Spotlight:
Shares of public sector oil marketing companies (PSU OMCs) rose after the government said that petroleum products demand is gradually getting towards near normal. Bharat Petroleum Corporation (up 1.93%), Hindustan Petroleum Corporation (up 2.16%) and Indian Oil Corporation (up 2.98%) advanced.
India's overall petroleum products consumption, which had nosedived in last week of March and April this year, is now steadily getting to its pre-lockdown levels in June'20,as emanating from the PSUs' (IOC, BPC and HPC) sales figures. The sales of petroleum products in India, the world's third biggest oil consuming nation, had fallen to the lowest since 2007, due to the nationwide lockdown, necessitated to prevent the spread of COVID-19 pandemic. "With the gradual lifting of lockdowns and beginning of unlocking of the economy in a phased manner, allowing resumption of Industrial activity & movement of people, total petroleum products consumption has reached to 88% in June'20 (11.8 MMT) compared to June'19 (13.4 MMT), indicating the increase in production/industrial/transportation activities, across all segment of economic spectrum," the Ministry of Petroleum & Natural Gas said in a statement. Overall the consumption of all petroleum products has significantly increased from April'20 level of 49% (6.6 MMT in Apr'20 vs 13.4 MMT in Apr'19) to 88% level in June'20 (11.8 MMT in June'20 Vs 13.4 MMT in June'19), it added.
Numbers to Track:
The yield on 10-year benchmark federal paper rose to 5.841% compared with previous closing of 5.838% in the previous trading session.
In the foreign exchange market, the partially convertible rupee edged higher to 75.045 compared with its previous closing 75.6025.
In the commodities market, Brent crude for September 2020 settlement rose 37 cents to $42.4 a barrel. The contract fell 0.34% to settle at $41.13 a barrel in the previous trading session.
MCX Gold futures for 5 August 2020 settlement fell 0.48% to Rs 48,034.
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