At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 753.21 points or 1.30% to 58,725.83. The Nifty 50 index added 230.15 points or 1.33% to 17,543.05.
In the broader market, the S&P BSE Mid-Cap index rose 1.49% while the S&P BSE Small-Cap index advanced 1.28%.
The market breadth was strong. On the BSE, 2,434 shares rose and 788 shares fell. A total of 152 shares were unchanged.
Buzzing Index:
The Nifty Metal index rose 1.97% to 5,926.75. The index declined 1.53% in the past trading session.
Among the components of the Nifty Metal index, Adani Enterprises (up 3.33%), Hindalco Industries (up 2.06%), Jindal Steel & Power (up 2.03%), Tata Steel (up 1.76%), Vedanta (up 1.58%) JSW Steel (up 1.43%), Welspun Corp (up 1.27%), National Aluminium Company (up 0.81%), Steel Authority of India (up 0.69%) and MOIL (up 0.65%) were the gainers.
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On the other hand, APL Apollo Tubes (down 0.45%) and Ratnamani Metals & Tubes (down 0.05%) declined.
Stocks in Spotlight:
Coforge advanced 1.55% after the company announced that it has set up a Center of Excellence (CoE) dedicated to Metaverse and Web3 solutions at the Greater Noida Campus. The company said that the facility will promote inter-disciplinary research and identify various use-cases using the metaverse and its intersection with digital technologies including blockchain, smart contracts, AI, ML, cognitive, data & analytics, and integration with other enterprise systems.
ICRA rose 0.51%. The company said that its board of directors has approved the appointment of Venkatesh Viswanathan as a group chief financial officer (CFO) and key managerial personnel of ICRA, effective from 30 August 2022. The company has designated Viswanathan as the chief investor relations officer of the company.
Yes Bank rose 0.93%. The bank said that CRISIL Ratings has upgraded the rating on Tier-II bonds (under Basel III) and Infrastructure Bonds of the bank to 'CRISIL A-' from 'CRISIL BBB+' and has revised the outlook to 'positive' from 'stable'. CRISIL Ratings has also upgraded the rating on the Rs 20,000 crore certificates of deposit (CD) of the bank to 'CRISIL A1+' from 'CRISIL A1'.
Global markets:
Asian stocks were trading mixed on Tuesday after sharp falls to start the week following Fed Chair Jerome Powell's hawkish speech in Jackson Hole.
Japan's jobless rate was unchanged at 2.6% in July, in line with expectations and flat for the third consecutive month, according to official data.
US stocks closed lower on Monday, adding to last week's sharp losses on nagging concerns about the Federal Reserve's determination to aggressively hike interest rates to fight inflation even as the economy slows.
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