At 14:28 IST, the barometer index, the S&P BSE Sensex, was up 640.95 points or 1.17% to 55,408.57. The Nifty 50 index gained 185.60 points or 1.14% to 16,526.15.
The broader market underperformed the headline equity indices. The S&P BSE Mid-Cap index rose 0.18% while the S&P BSE Small-Cap index added 0.39%.
The market breadth was positive. On the BSE, 1,938 shares rose and 1,343 shares fell. A total of 165 shares were unchanged.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose to 7.447 as compared with 7.434 at close in the previous trading session.
In the foreign exchange market, the rupee was lower against the dollar. The partially convertible rupee was hovering at 79.96, compared with its close of 79.92 during the previous trading session.
MCX Gold futures for 5 August 2022 settlement fell 0.01% to Rs 50,313.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, declined 0.03% to 106.65.
In the commodities market, Brent crude for September 2022 settlement fell $1.09 or 1.02% at $106.26 a barrel.
Buzzing Index:
The Nifty FMCG index rose 1.10% to 41,935.20, gaining for the second day in a row. The index rose 1.15% in two trading sessions.
Among the components of the Nifty FMCG index, Emami (up 1.94%), Hindustan Unilever (up 1.53%), Dabur India (up 1.51%), Marico (up 1.5%), Tata Consumer Products (up 1.25%), Nestle India (up 1.23%), Britannia Industries (up 1.2%), ITC (up 1.14%), Godrej Consumer Products (up 0.8%) and Colgate-Palmolive (India) (up 0.77%) were the gainers.
On the other hand, Procter & Gamble Hygiene and Health Care (down 0.76%), United Spirits (down 0.69%) and Radico Khaitan (down 0.45%) edged lower.
Stocks in Spotlight:
Ramco Systems surged 13.64% after the company said that it will implement its global payroll & HR solution at Saudi Arabia's restaurant chain Kudu Company.
Newgen Software Technologies fell 4.20% after the company's' consolidated net profit declined 66.6% to Rs 19.17 crore on 18.8% decline in revenue from operations to Rs 187.89 crore in Q1 FY23 over Q4 FY22. On year on year (YoY) basis, the company's consolidated net profit declined 11.25% while revenue from operations rose 17.77%. Profit before tax stood at Rs 22.95 crore in Q1 June 2022, sliding by 65.28% quarter on quarter (QoQ) and declining 19.82% YoY.
Syngene International fell 2.68% after the company's consolidated net profit declined 4.4% to Rs 73.9 crore in Q1 FY23 from Rs 77.3 crore in Q1 FY22. Revenue from operations during the quarter increased 8.4% YoY to Rs 644.5 crore. Profit before tax in Q1 FY23 stood at Rs 92.8 crore, down by 2% from Rs 94.7 crore recorded in the same period last year.
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