At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 680.54 points or 1.13% to 60,640.39. The Nifty 50 index gained 191 points or 1.07% to 17,977.80.
In the broader market, the S&P BSE Mid-Cap index gained 0.69% while the S&P BSE Small-Cap index rose 0.39%.
The market breadth was positive. On the BSE, 1,876 shares rose and 1,474 shares fell. A total of 186 shares were unchanged.
Buzzing Index:
The Nifty IT index rose 1.35% to 28,701.75. The index has declined 1.41% in the past two trading sessions.
Among the components of the Nifty IT index, Larsen & Toubro Infotech (up 2.39%), L&T Technology Services (up 2.2%), Persistent Systems (up 1.89%), Infosys (up 1.44%) and HCL Technologies (up 1%) were the top gainers.
Among the other gainers were Tech Mahindra (up 0.96%), Mphasis (up 0.88%), Wipro (up 0.8%), Coforge (up 0.73%) and Tata Consultancy Services (up 0.73%).
Stocks in Spotlight:
Dr. Reddy's Laboratories slipped 1.47% after the drug maker reported 12% growth in consolidated net profit to Rs 11,128 crore in Q2 FY23 as compared with a PAT of Rs 9,920 crore recorded in the same period last year. Revenues improved by 9% YoY to Rs 63,057 crore in the second quarter. The company had posted a revenue of Rs 57,632 crore in the same period last year.
NTPC shed 0.66%. The state-run power major's consolidated net profit declined 7.2% to Rs 3,338.45 crore despite of 36.3% jump in revenue from operations to Rs 44,175.03 crore in Q2 FY23 over Q2 FY22. Consolidated profit before tax rose 8.8% to Rs 5,408.27 crore in Q2 FY23 as against Rs 4,972.23 crore recorded in the corresponding quarter previous year.
Indian Oil Corporation declined 0.01%. On a standalone basis, Indian Oil Corporation (IOCL) reported a net loss of Rs 272.35 crore in Q2 FY23 as against a net profit of Rs 6,360.05 crore recorded in Q2 FY22. Revenue from operations (excluding excise duty) climbed 53.2% to Rs 207,485.30 crore in Q2 FY23 from Rs 135,410.48 crore recorded in the same period a year ago.
Global markets:
Most of the Asian stocks were trading higher on Monday as China factory activity missed expectations, and as markets look ahead to the U.S. Fed meeting later this week.
China's factory activity shrank in October compared with September, data from the National Bureau of Statistics showed. The official manufacturing Purchasing Managers' Index print came in at 49.2, missing expectations for a reading of 50. In September, the PMI reading stood at 50.1. China's official non-manufacturing PMI came in at 48.7, compared with a print of 50.6 in September.
A robust, broad-based rally sent the Wall Street to a sharply higher close on Friday as encouraging economic data and a sunnier earnings outlook fueled investor risk appetite ahead of next week's much-anticipated two-day policy meeting of the Federal Reserve.
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