At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 176.43 points or 0.22% to 81,532.27. The Nifty 50 index rose 53.75 points or 0.22% to 24,891.10.
The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.39% and the S&P BSE Small-Cap index gained 0.82%.
The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 48,383.87 and 55,443.45, respectively.
The market breadth was strong. On the BSE, 2,303 shares rose and 1,532 shares fell. A total of 130 shares were unchanged.
Gainers & Losers:
Bharat Petroleum Corporation (up 4.71%), Tata Motors (up 3.38%), NTPC (up 3.03%), Power Grid Corporation of India (up 2.98%) and Bajaj Finserv (up 1.96%) were major Nifty gainers.
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LTIMindtree (down 1.29%), Cipla (down 1.29%), Grasim Industries (down 1.28%), Apollo Hospitals Enterprise (down 1.21%) and Hindalco Industries (down 1.16%) were major Nifty losers.
Stocks in Spotlight:
Colgate-Palmolive (India) added 1.50% after the FMCG major's net profit jumped 32.99% to Rs 363.98 crore in Q1 FY25 as against Rs 273.68 crore posted in Q1 FY24. Revenue from operations grew by 13.01% year on year (YoY) to Rs 1,485.76 crore in the quarter ended 30 June 2024.
Jindal Saw soared 6.36% after the companys consolidated net profit jumped 66.69% to Rs 441.06 crore in Q1 FY25 as against with Rs 264.60 crore posted in Q1 FY24. Total income grew by 12.08% year on year to Rs 4,984.81 crore during the quarter.
Rail Vikas Nigam (RVNL) added 1.14% after the company said that it has emerged as the lowest bidder (L1) for a tender floated by Himachal Pradesh State Electricity Board (HPSEBL).
Hindustan Petroleum Corporation (HPCL) rallied 4.37%. The company reported standalone net profit of Rs 355.80 crore in Q1 FY25, registering a de-growth 94.26% as against with Rs 6,203.90 crore posted in Q1 FY24. Revenue from operations (excluding excise duty) rose 1.56% to Rs 1,13,303.57 crore in the quarter ended June 2024 as against with Rs 1,11,567.43 crore posted in the corresponding quarter previous year.
ACC shed 0.74% after the company's consolidated net profit declined 22.47% to Rs 361.40 crore in Q1 FY25 as compared with Rs 466.14 crore posted in corresponding quarter last year. Revenue from operations fell marginally 0.89% YoY to Rs 5,154.89 crore in Q1 FY25.
C.E. Info Systems advanced 1.05%. The company has reportedly lawsuit against Ola Electric, alleging that the company has copied its proprietary data to build its own Ola Maps.
OLA recently launched OLA Maps. According to media reports, Ola Electric is accused of duplicating MapMyIndias API and SDKs, co-mingling, and reverse engineering licensed products, which is prohibited under the terms of their agreement.
Global Markets:
European market traded mixed while Most Asian stocks declined on Tuesday, erasing the previous session's gains as investors remained cautious ahead of crucial interest rate decisions from the Bank of Japan and the Federal Reserve. Chinese market continued to underperform, hitting six-month lows amid persistent concerns over a slowing economic recovery.
Japan's Nikkei 225 index fell amid speculation over whether the Bank of Japan (BoJ) will maintain its ultra-loose monetary policy. The central bank is set to announce its policy decision on Wednesday, July 31. While recent inflation data has shown some slight improvement, analysts remain divided on the likelihood of a rate hike. The BoJ has been one of the few major central banks holding rates at ultra-low levels.
Regional markets took mixed cues from Wall Street, which ended flat on Monday. Caution ahead of the central bank meetings and a batch of quarterly earnings from tech giants prevented large market movements.
The S&P 500 rose marginally, recovering from its first back-to-back weekly losses since April. The Dow Jones Industrial Average slipped slightly while the Nasdaq Composite edged up.
The Federal Reserve's interest rate decision is also due on Wednesday. The central bank kept rates unchanged at its June meeting.
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