At 09:24 IST, the barometer index, the S&P BSE Sensex, was up 117.15 points or 0.19% to 62,247.72. The Nifty 50 index added 32.65 points or 0.18% to 18,529.80.
In the broader market, the S&P BSE Mid-Cap index rose 0.13% while the S&P BSE Small-Cap index gained 0.46%.
The market breadth was strong. On the BSE, 1,905 shares rose and 696 shares fell. A total of 90 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 138.81 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 695.60 crore in the Indian equity market on 12 December, provisional data showed.
On the macro front, India's headline retail inflation rate slumped to an 11-month low of 5.88% in November from 6.77% in the previous month, data released yesterday showed.
India's factory output, which is measured in IIP witnessed a contraction of 4% on-year to 129.6 in October. The IIP had risen 4.2% in October 2021, the data showed.
Stocks in Spotlight:
Tata Motors rose 1.64%. The board of directors accorded its in-principle approval to explore the possibility of partial divestment of the company's investment in Tata Technologies [TTL], a subsidiary of the company, through an IPO route at an opportune time.
Mahindra CIE Automotive added 1.19%. The company has invested Rs 24.26 million towards subscription of 3,03,250 equity shares of Strongsun Solar Private Limited (Strongsun) which will constitute 27.35% of the post-issue paid-up capital of Strongsun.
V-Guard Industries (V-Guard) was up 0.88%. V-Guard announced that it has signed definitive agreements for acquiring 100% stake in Sunflame Enterprises Private Ltd. (SEPL) for a consideration of Rs 660 crore, on a cash-free, debt-free basis. The transaction is expected to close by mid of January 2023.
Global markets:
Asian stocks are trading mostly higher as investors look ahead to a highly anticipated Federal Reserve meeting and U.S. CPI data.
US stocks indexes rallied on Monday, lifted in part by gains in Microsoft and Pfizer, as investors girded for inflation data on Tuesday and a policy announcement from the Federal Reserve later in the week.
The Federal Reserve is set to begin its two-day meeting on Tuesday. Economists widely expect the U.S. central bank to raise rates by half a percentage point Wednesday. The latest reading for the U.S. consumer price index report for November is also slated for Tuesday. Traders are hoping for signs of easing inflation.
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