At 09:29 IST, the barometer index, the S&P BSE Sensex rose 12.08 points or 0.01% to 80,261.38. The Nifty 50 index added 9.75 points or 0.04% to 24,285.80.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.55% and the S&P BSE Small-Cap index rallied 0.79%.

The market breadth was strong. On the BSE, 2,263 shares rose and 667 shares fell. A total of 114 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 238.28 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 3,588.66 crore in the Indian equity market on 2 December 2024, provisional data showed.

Stocks in Spotlight:

Solar Industries India jumped 6.73% after the company and its subsidiary has received export orders worth Rs 2,039 crore for supply of defence products, to be delivered over a period of 4 years.

Godavari Biorefineries added 1.30% after the company secured license agreement with Catalyxx Inc for the conversion of ethanol to for up to 30,000 tons of biobutanol and other higher alcohols in India. The company will set up a 15000 tonne facility in the first phase.

KPI Green Energy advanced 2.28% after the company has received order for setting up of 300 MWAC ground mounted solar PV Plant, including operation and maintenance services on a comprehensive basis for a period of five years from Coal India. The said project is worth Rs 1,311 crore.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was up 0.17% to 6.832 as compared with previous close 6.820.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.7450, compared with its close of 84.7250 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement was flat to Rs 76,079.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.05% to 106.50.

The United States 10-year bond yield rose 0.12% to 4.198.

In the commodities market, Brent crude for January 2024 settlement gained 06 cents or 0.08% to $71.89 a barrel.

Global Markets:

Asian stocks advanced on Tuesday, buoyed by positive sentiment from the US stock market. Investors are gearing up for a flurry of economic data and commentary from Federal Reserve officials, which will shape expectations for future interest rate decisions.

The US dollar rebounded from a three-day decline following a stern warning from the incoming administration to BRICS nations.

In the US, the S&P 500 extended its record-breaking streak, climbing 0.24%. The Nasdaq 100 gained 1%, while Tesla shares retreated in after-hours trading after a Delaware judge rejected a generous compensation package for CEO Elon Musk. The Dow Jones Industrial Average dipped 0.29%.

Tesla shares surged over 3%, building on recent gains. This followed Roth MTM's upgrade to 'buy' from 'neutral,' which cited the potential benefits of the EV maker's CEO's close ties with the incoming administration.