The benchmark indices were trading near day's high in mid-morning trade. The Nifty hovered at 14,270 level. All sectoral indices on the NSE were trading in the green.
At 11:20 IST, the barometer index, the S&P BSE Sensex, surged 401.17 points or 0.83% at 48,494.13. The Nifty 50 index rallied 131.2 points or 0.93% at 14,268.70.
The broader market traded in line with benchmark indices. The S&P BSE Mid-Cap index was up 1% while the S&P BSE Small-Cap index gained 1.08%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1893 shares rose and 895 shares fell. A total of 154 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 382.30 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 989.50 crore in the Indian equity market on 7 January, provisional data showed.
Total COVID-19 confirmed cases worldwide stood at 88,005,213 with 1,897,568 deaths. India reported 2,25,449 active cases of COVID-19 infection and 1,50,570 deaths while 1,00,37,398 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
The central government on Thursday projected that the country's economy will contract by 7.7% in the current fiscal year 2020-21, as per the first advance estimates of gross domestic product released by the National Statistical Office. The agriculture sector estimate for FY 2021 stood at 3.4%. Also, mining estimate stood at -12.4% for FY21 against 3.1%(YoY) and nominal GDP estimate stood at -4.2%.
The Nifty Media index jumped 4.14% to 1,771.70. The index has jumped 8.6% in eight trading days.
TV Today Network (up 7.48%), Zee Entertainment (up 6.83%), Dish TV (up 4.69%), TV18 Broadcast (up 3.94%), Sun TV Network (up 3.12%), Inox Leisure (up 3.11%) and PVR (up 1.88%) climbed.
Stocks in Spotlight:
NALCO added 2.91% to Rs 49.50 after the Ministry of Coal announced Rs 30,000 crore expansion plan for the company.
Out of this proposed investment, the company will spend over Rs 7,000 crore on the fifth stream refinery, Pottangi bauxite mines, bauxite transportation system from south block & Utkal D & E coal mines. Remaining Rs 22,000 crore will be spent on smelter and captive power plant (CPP) expansions, which also include expansion of the company's smelter plant at Angul district in Odisha with construction of a 1400 MW feeder CPP.
Union Bank of India rose 0.31%. The bank said it will issue Basel III compliant perpetual debt instruments in the nature of debentures eligible for inclusion in additional tier 1 capital series XXVIII of Rs 300 crore with green shoe option up to Rs 700 crore (maximum Rs 1,000 crore) on private placement basis.
Asian markets were trading higher on Friday after stocks on Wall Street cruised to new record highs overnight. Shares of South Korean automaker Hyundai Motor soared following reports of a deal between the firm and Cupertino-based tech giant Apple on developing electric vehicles and batteries.
In US, stocks rose to all-time highs on Thursday as the U. S. Congress confirmed the election of Joe Biden as president early Thursday, a day after supporters of Donald Trump invaded the U. S. Capitol. Thursday marked the Nasdaq's first-ever close above 13,000. It was also the first time the Dow and S&P 500 ended a session above 31,000 and 3,800, respectively.
Traders continued to focus on the possibility for additional fiscal aid after the Democratic party secured a slim majority in the Senate, giving it control of both congressional chambers.
Sentiment on Wall Street also got a boost after the Institute for Supply Management said its index for nonmanufacturing activity in the U. S. rose to 57.2 in December from 55.9 in November.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)