At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 525.99 points or 0.98% to 54,286.77. The Nifty 50 index gained 160.45 points or 1% to 16,209.65.
In the broader market, the S&P BSE Mid-Cap index rose 1.13% while the S&P BSE Small-Cap index added 1.24%.
The market breadth was strong. On the BSE, 2,281 shares rose and 923 shares fell. A total of 183 shares were unchanged.
Buzzing Index:
The Nifty Metal index rose 2.25% to 4,939.45. The index lost 0.85% in the past two trading sessions.
Among the components of the Nifty Metal index, National Aluminium Company (up 3.7%), Hindalco Industries (up 3.55%), Hindustan Copper (up 3.42%), Jindal Stainless (up 3.17%) and Hindustan Zinc (up 3%) were the top gainers.
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Among the other gainers were NMDC (up 2.8%), Steel Authority of India (up 2.52%), Vedanta (up 2.3%), JSW Steel (up 2.23%) and Welspun Corp (up 1.72%).
Stocks in Spotlight:
Bharat Electronics (BEL) advanced 4.40% after the PSU company reported a standalone net profit of Rs 431.49 crore in Q1 FY23, steeply higher from Rs 11.15 crore in Q1 FY22. On a standalone basis, the company's net sales soared 95.8% to Rs 3,063.58 crore for the quarter ended 30 June 2022 compared with Rs 1,564.34 crore in the same quarter a year ago. Bharat electronics' reported a profit before tax of Rs 578.10 crore in Q1 FY23 as against Rs 15.17 crore recorded in the corresponding period of the previous year.
Prestige Estates Projects rose 0.70% after the real estate developer said its sales soared 310% to Rs 3,012.1 crore in Q1 FY23 as against Rs 733.9 crore in Q1 FY22. During Q1 FY23, the Group has registered sales of Rs 3,012.1 crore, of which the Mumbai region has contributed Rs 737.8 crore. The sales have come from 3.63 million square feet volume with an average realization of Rs 8,298 per square feet.
Meghmani Finechem gained 3.53% after the company announced the successful commissioning of chlorinated polyvinyl chloride resin (CPVC resin) plant at Dahej in Gujarat. The newly-commissioned facility with a production capacity of 30,000 tonnes per annum (TPA) is the largest of its kind in India. In India, CPVC resin demand is around 140 kilo tonnes per annum (KTPA) and it is expected to grow by around 13% CAGR over the next five years.
Global markets:
Asian stocks rose across the board on Monday as investors looked ahead to announcements later in the week. Japan's market was closed for a holiday Monday. Oil drops as China's rising COVID cases renew fuel demand concerns.
US stocks closed sharply higher on Friday fueled by upbeat earnings, strong economic data and easing fears of a larger-than-expected interest rate hike by the Federal Reserve.
Finance chiefs at the Group of 20 meeting in Bali "strongly condemned" the war in Ukraine and expressed concern over an "alarming increase of food and energy insecurity." Many members agreed that the recovery of the global economy has slowed and is facing a major setback as a result of Russia's war against Ukraine, which was strongly condemned. Broadly, all G-20 central banks agreed to tackle inflation and calibrate monetary policies that would rein in soaring prices.
Global interest rates will likely keep rising until 2023 when heated prices will begin to cool in response to the actions from central banks, according to Kristalina Georgieva, managing director of the International Monetary Fund. Commodity prices, such as oil, may have leveled out and started sliding in recent months, but Georgieva said that they will do so in response to recession risks and not necessarily because inflation has been tamed.
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