At 13:30 IST, the barometer index, the S&P BSE Sensex, jumped 482.52 points or 0.52% to 80,842.21. The Nifty 50 index gained 135.05 points or 0.55% to 24,707.70.
In the broader market, the S&P BSE Mid-Cap index jumped 0.71% and the S&P BSE Small-Cap index rallied 0.40%.
The market breadth was positive. On the BSE, 2,278 shares rose and 1,568 shares fell. A total of 123 shares were unchanged.
Gainers & Losers:
SBI Life Insurance Company (up 3.83%), IndusInd Bank (up 2.84%), HDFC Life Insurance Company (up 2.60%) Shriram Finance (up 2.55%) and Bajaj Finserv (up 2.53%) were major Nifty gainers.
Oil & Natural Gas Corporation (down 1.71%), Bharti Airtel (down 1.04%), Adani Enterprises (down 0.99%), Cipla (down 0.86%) and Tata Consumer Products (down 0.62%) were major Nifty losers.
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Stocks in Spotlight:
Tata Chemicals rose 0.64%. The firm informed that the internal committee constituted by its board has approved the allotment of 1,70,000 non-convertible debentures (NCDs) aggregating to Rs 1,700 crore, on private placement basis.
HCL Technologies shed 0.03%. The company announced that its board of directors has appointed Shiv Walia as the chief financial officer (CFO) of the company with effect from 6 September 2024.
Allcargo Logistics surged 8.05% after the companys LCL volume for the month of July 2024 stood at 818 lakh cubic meters (Cbm), registering the growthof 6% as compared with 773 lakh CbM in the month of June 2024.
Hi-Tech Pipes added 0.22%. The company announced that it has bagged orders for supplying ERW Steel Pipes, totaling of Rs 105 crore from key customers in the renewable energy sector.
Meanwhile the companys board has approved fund raising for upto Rs 600 crore, subject to such approvals as may be required, including the approval of the shareholders and other statutory /regulatory /other approvals, as applicable.
Nucleus Software Exports was locked in an upper circuit of 20% after the company informed that its board will meet on Thursday, 22 August 2024 to consider the proposal for buyback of equity shares.
Global Markets:
Most Europeans and Asian stocks advanced on Tuesday, mirroring Wall Street's gains fueled by anticipation of potential Federal Reserve rate cut hints later this week.
China's benchmark lending rates remained unchanged as expected, with minimal market impact.
Investor focus is on the Fed's July meeting minutes, due Wednesday, and Chair Jerome Powell's Jackson Hole speech on Friday for clues on the U.S. rate outlook.
Risk appetite was also bolstered by Israeli Prime Minister Benjamin Netanyahu's acceptance of a U.S.-proposed interim deal to address the Gaza conflict.
U.S. stocks rallied on Monday, extending their strongest weekly performance of the year. The Dow Jones Industrial Average rose 0.6%, the S&P 500 gained 1%, and the Nasdaq Composite jumped 1.4%. Tech giants like Nvidia, Microsoft, and Alphabet contributed to the Nasdaq's outperformance.
The upcoming Jackson Hole Economic Symposium, starting Thursday, will be closely watched for insights into the Fed's transition from a restrictive to neutral monetary policy stance.
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