At 13:28 IST, the barometer index, the S&P BSE Sensex, climbed 989.79 points or 1.28% to 78,328.80. The Nifty 50 index soared 295.25 points or 1.26% to 23,749.05.
In the broader market, the S&P BSE Mid-Cap index rallied 1.76% and the S&P BSE Small-Cap index jumped 1.81%.
The market breadth was strong. On the BSE, 2,860 shares rose and 1,020 shares fell. A total of 110 shares were unchanged.
Gainer & Losers:
Mahindra & Mahindra (up 4.81%), Trent (up 3.69%), Tech Mahindra (up 3.50%), Tata Motors (up 3.17%) and Dr. Reddy's Laboratories (up 2.92%) were major Nifty gainers.
SBI Life Insurance Company (down 3.70%), HDFC Life Insurance Company (down 3.14%), Bajaj Finserv (down 1.58%), Shriram Finance (down 1.24%) and State Bank of India (down 0.58%) were major Nifty losers.
Stocks in Spotlight:
Waaree Energies slipped 3.67%. The company's consolidated net profit jumped 14.8% to Rs 361.65 crore on 1% increase in revenue from operations to Rs 3,574.38 crore in Q2 FY25 over Q2 FY24.
Zee Entertainment Enterprises jumped 7.66% after the company's board accepted the resignation of Punit Goenka as managing director of the company and appointed him as chief executive officer (CEO). Further, the board approved designating Mukund Galgali, chief financial officer (CFO) as deputy chief executive officer of the company.
PG Electroplast soared 10.22% after the company informed that its wholly owned subsidiary, PG Technoplast has signed a definitive agreement with Spiro Mobility to manufacture electric vehicles (EVs) of Spiro Mobility in India.
Shilpa Medicare rallied 2.81% after the company's 100% subsidiary, Shilpa Pharma Lifesciences received certificate of suitability (CEP) from EDQM (European Directorate for the Quality of Medicines & Healthcare) for its API, Octreotide.
Meanwhile, Shilpa Pharma Lifesciences also received certificate of suitability (CEP) from EDQM (European Directorate for the Quality of Medicines & Healthcare) for API, Nifedipine.
Global Markets:
Stocks in Europe and Asia traded higher on Tuesday as investors awaited key cabinet appointments from the incoming Trump administration. Meanwhile, market participants monitored shifts in US Federal Reserve policy expectations.
The probability of a rate cut at the December Fed meeting has decreased in recent days, as resilient economic data and potential inflationary pressures from the new administration's policies could limit the scope for easing.
US stocks closed mixed on Monday. While the Dow Jones Industrial Average slipped 0.13%, the S&P 500 gained 0.39%, and the Nasdaq Composite Index rose by 0.60%.
Tesla shares surged over 5% following reports of the incoming administration's focus on autonomous vehicle development. NVIDIA stock closed 1% lower amidst reports of overheating issues with its upcoming AI chips, ahead of its third-quarter earnings report on Wednesday.
The upcoming week's US economic calendar is relatively light, with the key focus being the manufacturing and service sector PMI data due out on Friday. The National Association of Homebuilder's reported its housing market index for November rose to a reading of 46 versus 43 last month.
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