At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 802.2 points or 1.36% to 59,711.55. The Nifty 50 index added 244.15 points or 1.41% to 17,566.05.
In the broader market, the S&P BSE Mid-Cap index rose 0.64% while the S&P BSE Small-Cap index advanced 0.74%.
Buyers outnumbered sellers. On the BSE, 2,183 shares rose and 1,081 shares fell. A total of 132 shares were unchanged.
Economy:
At 59.4 in February (as against 57.2 in January), the seasonally adjusted S&P Global India Services PMI Business Activity Index was at its highest level in 12 years and indicated a sharp expansion in output. Where growth was reported, survey participants mentioned favourable demand conditions and new business gains.
Buzzing Index:
The Nifty Metal index advanced 2.03% to 5,584.25. The index declined 0.08% in the past trading session.
Adani Enterprises Ltd (up 10.78%), MOIL Ltd (up 2.19%), Ratnamani Metals & Tubes Ltd (up 1.46%), Welspun Corp Ltd (up 1.22%), Vedanta Ltd (up 1.18%), APL Apollo Tubes Ltd (up 0.98%), Tata Steel Ltd (up 0.91%), Jindal Steel & Power Ltd (up 0.77%), Hindalco Industries Ltd (up 0.52%) and Steel Authority of India Ltd (up 0.52%) edged higher.
Stocks in Spotlight:
Hindustan Petroleum Corporation (HPCL) fell 0.16%. The company issued 1,65,000 unsecured, redeemable, non-convertible, non-cumulative, taxable debentures having face value of Rs 1 lakh each, aggregating to Rs 1,650 crore.
Mastek added 0.43% after the company announced the appointment of Vijay Iyer as president of America to lead growth in the region. Vijay's appointment, effective 24 February 2023, will be driving the entire Americas business P&L leveraging Mastek's differentiated portfolio of offerings in cloud, enterprise it and digital engineering and experience.
Mahindra & Mahindra Financial Services rose 0.20%. The company said that in February 2023, the total disbursement of approximately Rs 4,185 crore, delivering 53% growth over February 2022. Consequently, the loan book grew further by 1.5% over January 2023.
Global markets:
Asian stock markets advanced across the board on Friday, following Wall Street's gains overnight after Atlanta Fed president Raphael Bostic said he's firmly in favor of sticking with quarter-point hikes.
China's services sector saw a jump in activity, according to the Caixin/S&P Global services purchasing manager's index, with a reading of 55 in February from 52.9 in January.
The headline S&P Global Singapore purchasing manager's index fell to 49.6 in February.
Japan's services purchasing managers index came in at 54, higher than the 52.3 in January. A reading above 50 signals expansion, while a reading below 50 indicates contraction for the sector.
Tokyo's consumer price index rose by 3.3% in February, a lower print than January's 4.3% government data showed. Overall, CPI for the capital city reached 3.4%, a cooler print from the 4.4% seen last month, while prices excluding food and energy for Tokyo rose by 1.8%, also a slower pace than 1.7% from January.
US stocks were initially under pressure as the trading day started, but rallied in the afternoon after Bostic's remarks. The Dow Jones Industrial Average led gains among the major U.S. indexes, rising 1.05%, while the S&P 500 and Nasdaq Composite closed 0.76% and 0.73% higher.
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