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The key equity benchmarks traded near intraday high with major gains in the mid-afternoon trade. The Nifty traded above the 23,200 level. Oil & gas shares witnessed buying demand for third consecutive trading session.
At 14:30 IST, the barometer index, the S&P BSE Sensex, rallied 989.39 points, or 1.30%, to 76,432.44. The Nifty 50 index jumped 305.65 points, or 1.33%, to 23,213.25.
In the broader market, the S&P BSE Mid-Cap index rose 0.73%, and the S&P BSE Small-Cap index added 0.81%.
The market breadth was strong. On the BSE, 2,464 shares rose and 1,485 shares fell. A total of 144 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 3.23% to 12.87.
Economy:
The RBI's March Bulletin highlights the Indian economy's strong resilience and growth momentum despite global turbulence. Key factors include robust sectoral performance, rising consumption, and increased government spending. The National Statistics Office projects a steady 6.5% growth for 2024-25, supported by a 6.2% real GDP expansion in Q3. India's 2023-24 growth, excluding the post-COVID rebound, was the highest in over a decade, indicating stability. Both manufacturing and services sectors show positive trends, with increased activity and employment, further reinforcing the economy's positive trajectory.
Buzzing Index:
The Nifty Oil & Gas index added 1.76% to 10,371.40. The index jumped 3.54% in the third consecutive trading session.
Hindustan Petroleum Corporation (up 3.28%), Gujarat State Petronet (up 3.16%), Indraprastha Gas (up 2.83%), Mahanagar Gas (up 2.42%) and Bharat Petroleum Corporation (up 2.41%) were the top gainers. Among the other gainers were Gujarat Gas (up 2.05%), Indian Oil Corporation (up 1.87%), Reliance Industries (up 1.84%), GAIL (India) (up 1.7%) and Aegis Logistics (up 1.34%).
Stocks In Spotlight:
Adani Enterprisesrose 0.67%. The company through its subsidiary Kutch Copper, has formed a 50/50 joint venture with Praneetha Ventures to create Praneetha Ecocables.
Zim Laboratories advanced 0.99%. The company said that the Portuguese drug regulator has granted approval for central nervous system (CNS) product Dimethyl Fumarate Modified Release Capsules to its European subsidiary SIA ZIM Laboratories.
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