At 10:30 IST, the barometer index, the S&P BSE Sensex, rose 541.66 points or 0.91% at 60,287.43. The Nifty 50 index added 162.5 points or 0.91% at 17,975.75.
The broader market traded with strong gains. The S&P BSE Mid-Cap index added 0.6% while the S&P BSE Small-Cap index rallied 0.98%.
The market breadth was strong. On the BSE, 2,604 shares rose and 795 shares fell. A total of 128 shares were unchanged.
Buzzing Index:
The Nifty Auto index surged 1.69% to 11,481.30, continuing its winning run after a day's pause. The index has climbed nearly 5% since the start of 2022.
Maruti Suzuki India (up 3.73%), Hero MotoCorp (up 2.78%), Ashok Leyland (up 1.81%), Motherson Sumi Systems (up 1.7%) and Bosch (up 1.69%) were the top gainers. Among the other gainers were Bajaj Auto (up 1.47%), Tata Motors (up 1.39%), Mahindra & Mahindra (up 1.07%) and TVS Motor Company (up 0.96%).
Stocks in Spotlight:
Tata Steel said that the crude steel production of the India business increased by 4.3% to 4.80 million tons in Q3 FY22 from 4.60 MT in Q3 FY21. Delivery volumes of Tata Steel India fell by 5.2% YoY to 4.41 MT in the third quarter. During Q3 FY22, crude steel production was up 1.5% QoQ while overall deliveries were lower by 4% QoQ as an increase in domestic deliveries was offset by lower exports. Tata Steel Europe recorded crude steel production of 2.56 MT (down 1.2% YoY) and delivery volumes of 2.15 MT (up 1.9% YoY) in Q3 FY22. During the quarter, crude steel production and deliveries remained broadly similar on QoQ basis amidst supply chain issues in steel-consuming sectors including chip shortages faced by the automotive sector.
KEC International rose 2.43% to Rs 472.60 after the company said that it secured new orders of Rs 1,025 crore across its various businesses.
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