The headline equity indices traded with substantial gains in morning trade. The Nifty traded above the 25,050 mark. Oil & gas shares advanced after declining in the past trading session.
At 10:28 IST, the barometer index, the S&P BSE Sensex rose 407.76 points or 0.50% to 81,873.01. The Nifty 50 index added 110.30 points or 0.44% to 25,092.25.
In the broader market, the S&P BSE Mid-Cap index gained 0.54% and the S&P BSE Small-Cap index rose 0.86%.
The market breadth was strong. On the BSE, 2,538 shares rose and 981 shares fell. A total of 162 shares were unchanged.
Ratan Tata, the Chairman Emeritus of Tata Sons and a recipient of India's second-highest civilian honor, the Padma Vibhushan, passed away on Wednesday at Mumbai's Breach Candy Hospital. He was 86 years old. Tata had been in critical condition and under intensive care. On Monday, he had disclosed that he was undergoing routine medical examinations due to his age and associated health conditions.
Buzzing Index:
The Nifty Oil & Gas index gained 1.17% to 12,395.85. The index shed 0.67% in the past trading session.
Mahanagar Gas (up 3.25%), Oil India (up 3.19%), GAIL (India) (up 2.48%), Hindustan Petroleum Corporation (up 1.81%), Indraprastha Gas (up 1.36%), Gujarat Gas (up 1.21%), Indian Oil Corporation (up 1.19%), Petronet LNG (up 1.08%), Oil & Natural Gas Corpn (up 1.06%) and Bharat Petroleum Corporation (up 0.69%) advanced.
Stocks in Spotlight:
G R Infraprojects rallied 3.31% after the company announced the receipt of a letter of acceptance (LoA) for a project valued at Rs 903.53 crore from Maharashtra Metro Rail Corporation.
Fortis Healthcare advanced 1.75% after the company informed that its board has approved the issuance of non-convertible debentures (NCDs) worth Rs 1,550 crore through a private placement.