At 09:26 IST, the barometer index, the S&P BSE Sensex, was up 70.37 points or 0.10% to 71,498.80. The Nifty 50 index added 25.80 points or 0.12% to 21,743.75.
In the broader market, the S&P BSE Mid-Cap index shed 0.14% and the S&P BSE Small-Cap index rose 0.01%.
The market breadth was positive. On the BSE, 1,634 shares rose and 1,250 shares fell. A total of 106 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 4,933.78 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 5,512.32 crore in the Indian equity market on 8 February, provisional data showed.
Stocks in Spotlight:
Indian Railway Catering and Tourism Corporation (IRCTC) rose 0.25%. The company said that it has signed memorandum of Understanding (MoU) with Government of Uttarakhand through Uttarakhand Tourism Development Board (UTDB). The objective is to bring the tourists from across India to visit the tourist places within Uttarakhand and to promote the lesser known destinations in the state on tourism circuits.
Grasim Industries rose 0.31%. The company reported 48% rise in adjusted consolidated net profit of Rs 1514 crore in Q3 FY24 as against net profit of Rs 1024 crore recorded in Q3 FY23. Revenue from operations increased by 12% to Rs 31965 crore in Q3 FY24 from Rs 28638 crore in Q3 FY 23.
Biocon advanced 1.86% after the company reported consolidated net profit of Rs 660 crore in Q3 FY24 as against net loss of Rs 42 crore recorded in Q3 FY23. Revenue from operations increased by 34% to Rs 4519 crore in Q3 FY24 from Rs 3020 crore in Q3 FY 23.
Numbers to Track:
The yield on India's 10-year benchmark federal paper fell 0.06% to 7.078 as compared with previous close 7.082.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.9625, compared with its close of 82.9600 during the previous trading session.
MCX Gold futures for 5 February 2024 settlement rose 0.01% to Rs 62,451.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.01% to 104.17.
The United States 10-year bond yield shed 0.46% to 4.153.
In the commodities market, Brent crude for March 2024 settlement added 1 cent or 0.01% to $81.64 a barrel.
Global Markets:
Japans Nikkei hit fresh 34-year highs on Friday, while most Asia-Pacific markets were either fully or partially closed for Lunar New Year holidays. China, South Korea and Taiwans markets will be shut, while Singapore and Hong Kong will see a half day of trading.
U.S. stocks ticked higher Thursday to set more records as further evidence piled up to show the job market remains remarkably solid. During the day, the S&P 500 briefly topped the 5,000 level for the first time.
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