As per provisional closing data, the barometer index, the S&P BSE Sensex gained 440.33 points or 0.61% to 72,085.63. The Nifty 50 index added 156.35 points or 0.72% to 21,853.80.
In the broader market, the S&P BSE Mid-Cap index rose 0.80% and the S&P BSE Small-Cap index advanced 0.49%.
The market breadth was positive. On the BSE, 2,037 shares rose and 1,810 shares fell. A total of 96 shares were unchanged.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 1.67% to 14.70.
Buzzing Index:
The Nifty Oil & Gas index advanced 3.58% to 11,111.50. The index shed 0.01% in the past trading session.
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Bharat Petroleum Corporation (up 9.73%), Indian Oil Corporation (up 8.88%), Hindustan Petroleum Corporation (up 5.01%), Castrol India (up 4.09%), Oil & Natural Gas Corpn (up 3.84%), Oil India (up 2.46%), GAIL (India) (up 2.25%), Reliance Industries (up 2.21%), Gujarat Gas (up 1.87%) and Indraprastha Gas (up 1.34%).
On the other hand, Aegis Logistics (down 3.7%), Gujarat State Petronet (down 2.65%) and Adani Total Gas (down 0.58%) edged lower.
Stocks in Spotlight:
Adani Ports and Special Economic Zone (APSEZ) rallied 3.95% to Rs 1,267.05 after the company recorded cargo volumes of 35.1 million metric tons (MMT) in January 2024, implying a YoY increase of 26%
Indian Hotels Company rose 1.45% after the company's consolidated net profit increased 18% to Rs 452 crore on 15% rise in revenue to Rs 2,004 crore in Q3 FY24 over Q3 FY23.
NMDC jumped 5.17% after the state-owned miner's iron ore production grew by 8.1% to 4.54 million tonnes (MT) in January 2024 as against 4.20 MT in January 2023.
Mphasis shed 0.82%. The company's consolidated net profit declined 4.68% to Rs 373.60 crore in Q3 FY24 as compared with Rs 391.94 crore in Q2 FY24. Revenue from operations rose 1.88% to Rs 3,337.94 crore in Q3 FY24 as against Rs 3,276.50 crore recorded in Q2 FY24.
Abbott India surged 8.35% after the company's net profit increased 26% to Rs 310.98 crore in Q3 FY24 as compared with Rs 246.83 crore in Q3 FY23. Revenue from operations was at Rs 1,437.14 crore in Q3 FY24, up 8.69% from Rs 1,322.19 crore reported in the same quarter previous year.
Ashok Leyland shed 0.43%. The company sold 15939 vehicles in January 2024, which is lower by 7% as compared with 17200 units sold in January 2023.
TVS Motor Company gained 2.26% after the 2-wheeler maker reported monthly sales of 339,513 units in January 2024, registering a growth of 23% as against 275,115 units sold in January 2023.
Hero MotoCorp added 2.57% after the company announced that it had sold 433,598 two-wheeler units in January 2024, which is higher by 22% as compared with the same period last year.
Eicher Motors fell 2.46%. The auto makers total motorcycles (Royal Enfield) sales rose 2% to 76,187 units in January 2024 as against 74,746 units sold in January 2023.
Separately, Eicher Motors announced that its unlisted subsidiary VE Commercial Vehicles (VECV) had reported 1.6% decrease in commercial vehicles (CV) sales to 7,066 units in January 2024 from 7,181 units in January 2023.
Sonata Software rose 0.17%. The company reported consolidated net loss of Rs 46.2 crore in Q3 FY24 as compared with net profit of Rs 124.2 crore in Q2 FY23. Revenue from operations jumped 30% QoQ to Rs 2493.4 crore in Q3 FY24.
One 97 Communications was locked in lower circuit of 20%, extending losses for third day in a row. The counter came under significant selling pressure this week after Indias banking sector regulator asked the companys payment bank to halt its business.
The Reserve Bank of India (RBI) on Wednesday ordered Paytm Payments Bank to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags and other prepaid instruments after February 29, 2024.
Global Markets:
European stocks advanced while Asian stocks traded mixed on Friday, mirroring Wall Streets rebound from the sell-off earlier this week after US Fed Chairman Jerome Powell indicated the U.S. Federal Reserve was unlikely to cut rates in March.
US stocks rebounded on Thursday as investors looked to a spate of high-profile earnings and the Friday's employment report.
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