The key equity indices continued to trade with strong gains in mid-morning trade. The Nifty scaled marched towards the 18,250 level. Auto shares extended gains for third consecutive session.
The barometer index, the S&P BSE Sensex, was up 606.7 points or 0.99% to 61,660.99. The Nifty 50 index added 163.95 points or 0.91% to 18,232.95.
In the broader market, the S&P BSE Mid-Cap index rose 0.79% while the S&P BSE Small-Cap index gained 0.69%.
The market breadth was strong. On the BSE, 2133 shares rose, and 1287 shares fell. A total of 156 shares were unchanged.
Buzzing Index:
The Nifty Auto index added 1.54% to 13,551.10. The index has added 2.05% in three sessions.
Sona BLW Precision Forgings (up 4.16%), Tata Motors (up 2.65%), TVS Motor Company (up 1.98%), Ashok Leyland (up 1.94%) and Mahindra & Mahindra (up 1.73%) were the top gainers.
Among the other gainers were Bharat Forge (up 1.66%), Bajaj Auto (up 1.37%), Hero MotoCorp (up 1.24%), Maruti Suzuki India (up 0.97%) and Samvardhana Motherson International (up 0.8%).
On the other hand, Tube Investments of India (down 0.37%) and MRF (down 0.31%) turned lower.
Stocks in Spotlight:
Alembic Pharma rose 1.51%. The company reported net profit of Rs 152.60 crore in Q4 FY23, steeply higher from Rs 21.92 crore in Q4 FY22. Revenue from operations declined marginally to Rs 1406.45 crore in quarter ended 31 march 2023 from Rs 1415.74 crore in same quarter last year.
Equitas Small Finance Bank advanced 3.87%. The company reported 32% jump in net profit to Rs 922 crore on a 28% increase in net interest income to Rs 707 crore in Q4 FY23 as compared with Q4 FY22.
Olectra Greentech rallied 6.45%. The company's consolidated net profit jumped 52% to Rs 27.01 crore on 38.6% rise in revenue from operations to Rs 375.91 crore in Q4 FY23 over Q4 FY22.
SJVN gained 1.54%, The state-owned firm said that it has bagged a contract for setting up a connected wind power plant anywhere in India from Gujarat Urja Vikas Nigam.
Global markets:
Asian stocks traded mostly higher on Monday after Wall Street snapped a four-day losing streak Friday.
The Bank of Japan's board members discussed concerns over inflation rising more than expected, minutes from former governor Haruhiko Kuroda's final meeting showed. They also warned against ?hasty? changes to the central bank's monetary policy, including its inflation target of 2%.
US stocks rebounded Friday, ending largely higher as shares of Apple surged after upbeat results and U.S. jobs data pointed to a resilient labor market.
U.S. job growth accelerated in April while wage gains increased solidly. The non-farms payroll report showed U.S. employers added 253,000 new jobs in April, up from 165,000 in March. The Labor Department's closely watched employment report on Friday also showed the unemployment rate falling back to 3.4%.
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