The main indices scaled fresh intraday high in the mid-morning trade. The Nifty traded above the 16,050 mark. Metal, oil & gas and IT stocks were the top gainers.
At 11:40 IST, the barometer index, S&P BSE Sensex was up 975.5 points or 1.84% to 53,949.29. The Nifty 50 index surged 297 points or 1.88% to 16,139.35.
The broader market underperformed the benchmark indicies. The S&P BSE Mid-Cap index rose 1.23% while the S&P BSE Small-Cap index advanced 1.85%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 2,372 shares rose while 746 shares fell. A total of 119 shares were unchanged.
Buzzing Index:
The Nifty IT index rose 1.85% to 29,946.20, snapping its five days losing streak. The index saw bargain hunting after dropping 4.32% in five days.
Among the components of the Nifty IT index, L&T Technology Services (up 3.79%), Larsen & Toubro Infotech (up 2.85%), Mphasis (up 2.78%), HCL Technologies (up 2.75%) and Mindtree (up 2.63%) were the top gainers.
Earnings Impact:
Raymond advanced 6.08% to Rs 863 after the company's consolidated net profit zoomed to Rs 263 crore in Q4 FY22 from Rs 56 crore in Q4 FY21. Net revenue increased by 44% YoY to Rs 2,032 crore during the quarter. EBITDA rose by 82% to Rs 358 crore in Q4 FY22 from Rs 197 crore in Q4 FY21. EBITDA margin in Q4 FY22 was 17.6% as against 14% in Q4 FY21.
Glaxosmithkline Pharmaceuticals rose 1.98% to Rs 1,544.05 after the company reported a consolidated net profit of Rs 1,219.05 crore in Q4 FY22 as against a net profit of Rs 14.33 crore in Q4 FY21. Net sales during the quarter increased 8.9% YoY to Rs 809.63 crore. Profit before tax (PBT) (before exceptional items) from continuing operations for the fourth quarter was Rs 178 crore, recording a growth of 6% YoY.
Global markets:
Asian shares advanced on Tuesday, boosted by some tech stocks and as investors evaluated China's efforts to stamp out a Covid outbreak.
Shanghai reported three days of zero community transmission, a milestone that could lead officials to start unwinding a growth-sapping lockdown.
In the US, the S&P dipped 0.39% on Monday. The Dow Jones Industrial Average saw a similar swing, although the 30-stock index eked out a 0.8% gain at the closing bell. The Nasdaq Composite, meantime, was the session's underperformer as the carnage in tech stocks continued.
Data on Monday showed factory activity in New York state slumped in May for the third time this year amid a collapse in new orders and shipments.
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