Key indices were trading at day's high with robust gains in mid-afternoon trade. The Nifty traded above the 14,850 level. Strong buying was seen in banks, financials and auto stocks.
At 14:27 IST, the barometer index, the S&P BSE Sensex, jumped 834.18 points or 1.7% at 49,778.87. The Nifty 50 index gained 227.95 points or 1.56% at 14,881.75.
The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index rose 1.05% while the S&P BSE Small-Cap index added 0.82%.
Buyers outpaced sellers.
On the BSE, 1,832 shares rose and 1060 shares fell. A total of 178 shares were unchanged.
The Nifty IT index gained 0.61% to 25,973.05, rising for third trading day. The index has added 1.42% in three days.
Oracle Financial Services (up 3.47%), Mindtree (up 3.29%), Mphasis (up 2.43%), Coforge (up 1.4%), Wipro (up 1.35%) and Infosys (up 0.7%) were top gainers in IT space.
Stocks in Spotlight:
State Bank of India (SBI) rose 2.72% after the executive committee of the bank's central board approved long term fund raising of upto $2 billion, through a public offer/private placement of senior unsecured notes in US Dollar or any other convertible currency during FY 2021-22.
LT Foods rose 2.20% to Rs 74.35 after the company said that it has partnered with Humankind Group (HKG), USA to explore an opportunity to develop commercial-scale biomass plants. The plants would help recycle rice paddy straw into green energy and bio-fertilizer in India under its Environment Sustainability Program
Numbers to Track:
In the foreign exchange market, the partially convertible rupee rose to 74.395 compared with its previous closing of 74.66.
The yield on 10-year benchmark federal paper rose to 6.062% as compared to its previous close of 6.055%.
MCX Gold futures for 4 June 2021 settlement slipped 0.68% to Rs 46,983.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.08% to 90.97.
In the commodities market, Brent crude for June 2021 settlement fell 8 cents to $66.34 a barrel. The contract rose 1.17% to settle at $66.42 in the previous trading session.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)