At 14:29 IST, the barometer index, S&P BSE Sensex was up 337.12 points or 0.64% to 53,130.74. The Nifty 50 index added 109.55 points or 0.69% to 15,891.70.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 1.7% while the S&P BSE Small-Cap index added 1.05%.
The market breadth remained strong. On the BSE, 2,147 shares rose while 1,187 shares fell. A total of 187 shares were unchanged.
Numbers to Track:
MCX Gold futures for 3 June 2022 settlement fell 0.14% to Rs 49,802.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, fell 0.10% to 104.46.
In the commodities market, Brent crude for July 2022 settlement fell $1.85 or 1.66% at $109.70 a barrel.
Buzzing Index:
The Nifty Realty index rose 2.68% to 394.75, snapping its two day losing streak. The index saw bargain hunting after correcting 2.4% in two days.
Among the components of the Nifty Realty index, Macrotech Developers Ltd (up 7.46%), Sobha Ltd (up 7.1%), Brigade Enterprises Ltd (up 4.2%), Godrej Properties Ltd (up 3.49%) and Sunteck Realty Ltd (up 3.44%) were the top gainers.
Stocks in Spotlight:
CL Educate rose 4.99% to Rs 116.75 after the company said its board will consider a share buyback on Thursday, 19 May 2022. On the same day, the board will also consider the audited financial results (standalone & consolidated) of the company for the quarter and financial year ended 31 March 2022.
Bharat Forge rallied 5.13% to Rs 661.45 after the company reported a 9.3% rise in consolidated net profit to Rs 231.85 crore on a 71.5% increase in net sales to Rs 3,573.09 crore in Q4 FY22 over Q4 FY21. Consolidated profit before tax grew 25% to Rs 336.6 crore in Q4 FY22 as against Rs 269.26 crore in Q4 FY21.
Tata Power Company rose 1.86% to Rs 227 after the company said its wholly owned subsidiary, Tata Power Solar, bagged a 300 MW solar project worth Rs 1731 crore from NHPC. The project site, located in Rajasthan, will be developed under the Central Public Sector Undertaking (CPSU) Scheme of Indian Renewable Energy Development Agency (IREDA).
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