At 10:30 ST, the barometer index, the S&P BSE Sensex, soared 1,256.78 points or 1.59% to 80,394.32. The Nifty 50 index surged 408.10 points or 1.71% to 24,315.35.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index added 1.89% and the S&P BSE Small-Cap index gained 1.88%.
The market breadth was strong. On the BSE, 2,888 shares rose and 805 shares fell. A total of 200 shares were unchanged.
Economy:
India's foreign exchange reserves declined $17.761 billion, reaching $657.892 billion for the week ended November 15, as reported by the RBI on Friday. In the prior week ending November 8, the forex declined $6.477 billion to $675.653 billion.
The central bank also reported that gold reserves reduced by $2.068 billion to $65.746 billion during this period. It also indicated that Special Drawing Rights (SDRs) decreased by $94 million to $18.064 billion.
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Additionally, India's reserve position with the IMF also declined by $51 million, reaching $4.247 billion in the reporting week.
Buzzing Index:
The Nifty PSU Bank index gained 4.62% to 6,808.75. The index advanced 7.75% in two consecutive trading sessions.
Indian Bank (up 8.82%), UCO Bank (up 7.67%), Central Bank of India (up 5.33%), Punjab & Sind Bank (up 5.24%) and Punjab National Bank (up 4.91%), Indian Overseas Bank (up 4.81%), Bank of Baroda (up 4.43%), Union Bank of India (up 4.26%), Canara Bank (up 3.79%) and Bank of Maharashtra (up 3.76%). edged higher.
Stocks in Spotlight:
Aurobindo Pharma added 1.41% after the companys wholly owned subsidiary, Aurobindo Pharma USA Inc entered into a collaboration and license agreement with a global pharma major.
Bliss GVS Pharma gained 2.24% after the companys Maharashtra-based facilities received a GMP compliance certificate from the National Agency for Medicines and Medical Devices of Romania post an EU GMP inspection.
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