At 09:25 IST, the barometer index, the S&P BSE Sensex, was up 521.47 points or 0.80% to 59,430.82. The Nifty 50 index added 155.15 points or 0.9% to 17,477.05.
In the broader market, the S&P BSE Mid-Cap index rose 0.53% while the S&P BSE Small-Cap index advanced 0.68%.
The market breadth was strong. On the BSE, 1,965 shares rose and 607 shares fell. A total of 70 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 12,770.81 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,128.80 crore in the Indian equity market on 1 March 2023, provisional data showed.
Stocks in Spotlight:
Adani Ports & SEZ jumped 5.14%. The company handled 26.5 mmt cargo in February, which is 10% higher than the previous year period and during April-February, the cargo volumes stood at 307 mmt, up 8.5% YoY.
Edelweiss Financial Services declined 2.99%. The media reported that the Income-Tax department conducted raids at premises linked to the investment and financial services company in Mumbai yesterday. As per reports, the raids took place over suspected tax evasion.
Karnataka Bank rose 0.48%. The lender said Muralidhar Krishna Rao demitted the office of CFO on 1 March 2023 and the bank has appointed Abhishek Sankar Bagchi as new CFO.
Global markets:
Asian stock markets advanced 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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