The market held firm near day's high in mid-morning trade. At 11:24 IST, the barometer index, the S&P BSE Sensex, was up 701.91 points or 2.06% at 34,703.06. The Nifty 50 index was up 206.35 points or 2.02% at 10,441. Recovery in other Asian shares triggered value buying in domestic shares.
Among secondary barometers, the BSE Mid-Cap index was up 2.42%. The BSE Small-Cap index was up 2.40%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1831 shares rose and 438 shares fell. A total of 115 shares were unchanged.
Auto stocks were in demand. Mahindra & Mahindra (up 5.18%), Escorts (up 5.14%), Ashok Leyland (up 4.75%), Eicher Motors (up 4.51%), Maruti Suzuki India (up 3.94%), Bajaj Auto (up 3.12%), TVS Motor Company (up 2.40%), Hero MotoCorp (up 1.28%) and Tata Motors (up 0.96%), edged higher.
Power generation stocks rose across the board. Adani Power (up 9.85%), Reliance Infrastructure (up 6.41%), Reliance Power (up 6.18%), CESC (up 4.88%), Tata Power (up 4.25%), GMR Infrastructure (up 3.46%), Torrent Power (up 3.35%), JSW Energy (up 3.20%), NHPC (up 2.13%), Jaiprakash Power Ventures (up 0.96%) and NTPC (up 0.58%), edged higher.
State-run Power Grid Corporation of India was up 1.75%. State-run Coal India was up 3.02%.
G M Breweries gained 4.63% after net profit rose 23.46% to Rs 19.42 crore on 10.33% growth in net sales to Rs 111.73 crore in Q2 September 2018 over Q2 September 2017. The Q2 result was announced after market hours yesterday, 11 October 2018.
Overseas, Asia stocks rose on Friday, holding steady after a nine-day losing streak, but sentiment was frail after Wall Street shares crumbled and expectations of market volatility shot up to an eight-month high. Worries about the economic impact of a Sino-US trade war, a spike in US bond yields this week and caution ahead of earnings seasons are all cited as potential reasons behind the selloff, the biggest market rout since February.
US stocks extended losses to finish lower Thursday, as investors continued to fret over rising bond yields and the prospect of higher interest rates.
In the latest US economic data, jobless claims rose by 7,000 in the latest week, although they remain near multi-decade lows. Separately, the consumer-price index rose 0.1% in September. Core CPI, which excludes food and energy, rose at the same pace.
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