At 13:24 IST, the barometer index, the S&P BSE Sensex, was up 713.97 points or 1.19% to 60, 614.34. The Nifty 50 index added 199.40 points or 1.12% to 18,058.85.
Mahindra & Mahindra (up 3.44%), IndusInd Bank (up 2.97%), HCL Technologies (up 2.88%), Tata Consultancy Services (up 2.86%) and Bharti Airtel (up 2.73%) were the top Nifty gainers.
Titan Company (down 2.05%), HDFC Life Insurance Company (down 1.05%), Bajaj Finserv (down 0.87%), Bajaj Auto (down 0.69%) and Maruti Suzuki (down 0.41%) were the top Nifty losers.
In the broader market, the S&P BSE Mid-Cap index gained 0.63% while the S&P BSE Small-Cap index rose 0.52%.
The market breadth was strong. On the BSE, 2,163 shares rose and 1,361 shares fell. A total of 193 shares were unchanged.
Hopes of a cool down in US rate hikes and improving global economic outlook buoyed by reopening of China's borders lifted the investor sentiment.
Stocks in Spotlight:
Titan Company slipped 2.05%. The Tata Group company said that it witnessed healthy double digit growth in Q3FY23 despite a high base in the same period of last year with overall sales growing 12% year on year (YoY). The company said that continuing its network expansion (net), the retail presence stood at 2,362 stores at the end of the quarter.
Tata Steel advanced 1.77% after the steel maker said that the crude steel production of the India business in Q3 FY23 stood at 5 million tons and was up 4% on YoY and up 4% on QoQ basis. Deliveries of Tata Steel India were at 4.73 million tons and were up 7% YoY primarily driven by 11% growth in domestic deliveries, which also led to improvement in product mix.
JSW Steel advanced 1.74%. The Mumbai-based steel making company said that the Group's combined crude steel production for Q3 FY23 was 6.24 million tonnes, registering a growth of 17% YoY.
One 97 Communications gained 2.32% after the company's loan distribution business recorded disbursals of Rs 3,665 crore in the month of December, growing 330% YoY. Consequently, total disbursements for three months ended December 2022 was Rs 9,958 crore, a growth of 357% YoY. The number of loans grew 117% YoY to 3.7 million for the month of December, and 137% YoY to 10.5 million cumulative loans for the three months ended December 2022.
Kalyan Jewellers India rallied 3.65% after the company said Q3 December 2022 quarter witnessed positive momentum in footfalls and revenue across all the markets majorly driven by strong festive demand. The company recorded consolidated revenue growth of approximately 13% in Q3 FY2023 as against the same period in the previous financial year, and approximately 35% for YTD (nine months) FY2023 compared with the same period in the previous financial year.
Global Markets:
Asian stocks advanced across the board as Hong Kong and mainland China resumed quarantine-free travel over the weekend, signaling the end of zero-Covid policy which kept borders effectively closed for nearly three years.
Wall Street's main indices advanced on Friday after December payrolls expanded more than expected even as wage increases slowed and services activity contracted, easing worries about the Federal Reserve's interest rate hiking path.
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