Sensex jumps 536 pts; IT shares advance; VIX jumps 2.07%

The key equity benchmarks traded with significant gains in the afternoon trade. The Nifty traded above 26,150 mark. All the sectoral indices on NSE traded in green with IT, metal and oil & gas shares gaining the most.

At 13:30 IST, the barometer index, the S&P BSE Sensex, surged 536.20 points or 0.63% to 85,472.91. The Nifty 50 index added 181.15 points or 0.69% to 26,147.35.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.89% and the S&P BSE Small-Cap index added 1.03%.

The market breadth was positive. On the BSE, 2,770 shares rose and 1,409 shares fell. A total of 218 shares were unchanged.

 

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 2.07% to 9.72.

Gainers & Losers:

Shriram Finance (up 4.19%), Wipro (up 3.12%), Infosys (up 2.83%), Bharti Airtel (up 2.40%) and Hindalco Industries (up 2.35%) were the major Nifty50 gainers.

HDFC Life Insurance Company (down 0.63%), Tata Consumer Products (down 0.63%), State Bank of India (down 0.60%), SBI Life Insurance Company (down 0.41%) and Cipla (down 0.36%) were the major Nifty50 losers.

Stocks in Spotlight:

Bondada Engineering surged 3.64% after the company announced that it has secured a large and strategically significant EPC order worth Rs 945.10 crore from NLC India Renewables on behalf of NLC India.

Concord Control Systems hit an upper limit of 5% after it has secured a major order worth Rs 139.32 crore from Indian Railways through its wholly owned subsidiary, Advanced Rail Controls.

MIC Electronics rose 1.21% after the company announced that it has received an order worth Rs 1.05 crore from Central Railway, Nagpur Division.

Dilip Buildcon added 3.82% after the company announced that it has been declared as the lowest (L-1) bidder for a grid-connected solar power project in Madhya Pradesh.

GE Vernova T&D India surged 5.62% after the company announced that it has secured an order from AESL Projects for the establishment of a high-capacity High Voltage Direct Current (HVDC) terminal station.

Global Markets:

European markets opened lower open on Monday as last weeks positive sentiment wears off.

Asian market advanced as investors parsed Chinas central banks decision to keep its loan prime rates steady.

The Peoples Bank of China kept its 1-year and 5-year loan prime rates unchanged at 3% and 3.5% respectively, holding them for a seventh straight meeting, in line with a Reuters survey. The one-year rate influences most new and outstanding loans, while the five-year benchmark affects mortgages.

Last Friday in the U.S., stocks rose for a second winning day, boosted by Oracle, as the artificial intelligence trade regained its footing after experiencing volatility.

Oracle shares were up 6.6% after TikTok agreed to sell its U.S. operations to a new joint venture that includes the software giant and private equity investor Silver Lake.

The Nasdaq Composite rose 1.31%, closing at 23,307.62. The S&P 500 added 0.88% to close at 6,834.50. The Dow Jones Industrial Average advanced 183.04 points, or 0.38%, and settled at 48,134.89.

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