At 12:28 IST, the barometer index, the S&P BSE Sensex rose 674.55 points or 1.16% at 58,617.20. The Nifty 50 index gained 163.75 points or 0.95% at 17,489.15.
In the broader market, the S&P BSE Mid-Cap index added 0.71% while the S&P BSE Small-Cap index rose 1.33%.
The market breadth was strong. On the BSE, 2,322 shares rose and 942 shares fell. A total of 117 shares were unchanged.
Economy:
Domestic ratings agency ICRA, on Tuesday, slashed India's FY23 real GDP growth estimate by 0.8% to 7.2%, primarily driven by the fallout of Russian invasion of Ukraine.
Derivatives:
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The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 4.64% to 20.3125. The Nifty 31 March 2022 futures were trading at 17,504, at a premium of 20 points as compared with the spot at 17,484.
Buzzing Index:
The Nifty Metal index slipped 1.7% to 6,460.1, snapping its nine day winning streak. The index saw profit booking after rising 11.2% in nine days.
Hindalco Industries (down 4.24%), Vedanta (down 2.56%), JSW Steel (down 2.23%), Tata Steel (down 1.82%) and Jindal Steel & Power (down 1.07%) were the top losers.
Stocks in Spotlight:
Bharat Electronics (BEL) rose 1.18% after the company secured two separate orders from India's Ministry of Defence worth an aggregate Rs 3102 crore. The Ministry of Defence (MoD), Government of India, and Navratna Defence PSU BEL on Tuesday, 29 March 2022, signed a contract for Instrumented Electronic Warfare Range (IEWR) for the Indian Air Force. The IEWR will be used to test and evaluate airborne Electronic Warfare (EW) equipment and validate their deployment in an Operational Scenario. The overall cost of the contract is estimated to be Rs 1109 crore.
South India Paper Mills rose 1.98% to Rs 160 after the company announced commencement of commercial operation in new Paper Machine (PM6) in Karnataka.
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