At 14:23 IST, the barometer index, the S&P BSE Sensex, rallied 525.12 points or 0.86% to 61,262.17. The Nifty 50 index added 160.95 points or 0.89% to 18,322.25.
The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index was up 0.54% while the S&P BSE Small-Cap index gained 0.51%.
The market breadth almost even. On the BSE, 1695 shares rose and 1616 shares fell. A total of 147 shares were unchanged.
Economy:
India's inflation based on wholesale price index (WPI) rose 10.66% in September 2021 compared with 1.32% in September 2020.
"The high rate of inflation in September 2021 is primarily due to rise in prices of mineral oils, basic metals, non-food articles, food products, crude petroleum & natural gas, chemicals and chemical products, etc. compared with the corresponding month of the previous year," the Ministry of Commerce & Industry said in a statement today.
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WPI grew 11.39% in August 2021, while the figure for July was 11.57%.
Numbers to Track:
MCX Gold futures for 3 December 2021 settlement rose 0.16% to Rs 47,995.
The yield on India's 10-year benchmark federal paper (06.10 GS 2031) was currently at 6.329% as compared with its previous closing of 6.314%.
In the commodities market, Brent crude for December 2021 settlement rose 81 cents or 0.97% to $83.99 a barrel.
In the foreign exchange market, the partially convertible rupee rose to 75.31 from its previous closing of 75.375.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.27% to 93.823.
Buzzing Index:
The Nifty Bank index added 653.3 points or 1.69% to 39,289.05, extending its winning run to sixth trading session in a row. The banking index has added nearly 4.7% in six days.
HDFC Bank (up 2.84%), Punjab National Bank (up 2.77%), ICICI Bank (up 2.45%), State Bank of India (up 2.23%) and IDFC First Bank (up 1.23%) and Axis Bank (up 1.17%) were top gainers in banking space.
Stocks in Spotlight:
Century Textiles & Industries jumped 5.17% to Rs 983.90 after the company reported a consolidated net profit of Rs 44.71 crore in Q2 FY22 as against a net loss of Rs 14.13 crore in Q2 FY21. Sales increased by 67.5% YoY to Rs 997.98 crore in Q2 FY22 over Q2 FY21. On the segmental front, revenue from Textiles was Rs 273.89 crore (up 99.6% YoY), Pulp and Paper revenue was Rs 685.97 crore (up 63.7% YoY), revenue from Real Estate was Rs 35.41 crore (down 0.4% YoY) and Other revenue was Rs 2.89 crore (down 27% YoY) during the period under review.
Escorts rose 0.17%. The company said that Sanjeev Bajaj will be heading the construction equipment business for India as a chief executive from 1 December 2021. He will lead the growth agenda for this business. Bajaj has been with the company for last seven years and has prior experience in construction industry, Escorts said in a statement.
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