At 13:20 IST, the barometer index, the S&P BSE Sensex, surged 807.93 points or 1.45% at 56,358.29. The Nifty 50 index gained 203.8 points or 1.23% at 16,834.80.
In broader market, the S&P BSE Mid-Cap index was down 0.06% while the S&P BSE Small-Cap index added 0.47%.
Buyers outnumbered the sellers. On the BSE, 1,816 shares rose and 1,626 shares fell. A total of 119 shares were unchanged.
Economy:
The wholesale price-based inflation (WPI) in February 2022 rose to 13.11% on hardening of prices of crude oil and non-food items, despite softening of food articles. As per the government data released on Monday, the WPI inflation has remained in double digits for the 11th consecutive month beginning April 2021. Inflation last month stood at 12.96%, while in February last year, it was 4.83%.
Inflation in food articles, however, eased to 8.19% in February from 10.33%. Vegetable inflation was 26.93% in February, against 38.45% in the previous month. Inflation in manufactured items was 9.84% in February, against 9.42% in January. In the fuel and power basket, the rate of price rise was 31.50% during the month.
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Buzzing Index:
The Nifty Media index rallied 2.27% to 2,179.95, resuming its upward trend after a day's pause.
Zee Entertainment Enterprises (up 6.27%), Inox Leisure (up 2.97%), Sun TV Networks (up 1.86%), Jagran Prakashan (up 1.75%) and PVR (up 1.42%) were top gainers in media space.
Numbers to Track:
The yield on 10-year benchmark federal paper fell to 6.831% as compared with 6.855% at close in the previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 76.62, compared with its close of 76.44 during the previous trading session.
MCX Gold futures for 5 April 2022 settlement fell 0.74% to Rs 52,485.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, fell 0.18% to 99.
In the commodities market, Brent crude for May 2022 settlement fell $3.52 at $109.21 a barrel.
Global Markets:
Select European markets traded higher while Asian stocks closed on a mixed note on Monday as investors monitor a Covid wave in China. Meanwhile, oil prices continued to be volatile amid the Russia-Ukraine war.
Investors continued watching developments on the Russia-Ukraine war, which is disrupting shipping and air freight. Elsewhere, markets also monitored a recent wave of Covid infections in China including the major city of Shenzhen.
U.S. stocks dropped on Friday as the ongoing Russia-Ukraine conflict continued to unnerve investors. The U.S. government will revoke Russia's most-favored nation trade status amid the conflict, the White House said Friday, noting that it will work with Group of Seven (G7) countries and the European Union to roll out new sanctions.
In U.S. economic reports, data from the University of Michigan consumer sentiment survey showed a fall to an initial March reading of 59.7 from February's level of 62.8.
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