At 13:30 IST, the barometer index, the S&P BSE Sensex was up 475.79 points or 0.59% to 81,525.79. The Nifty 50 index added 165.70 points or 0.67% to 24,966.35.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 1.24% and the S&P BSE Small-Cap index gained 1.79%.

The market breadth was strong. On the BSE, 2,736 shares rose and 1,128 shares fell. A total of 116 shares were unchanged.

Gainers & Losers:

Trent (up 6.34%), Adani Ports and Special Economic Zone (up 4.71%), Adani Enterprises (up 3.94%), Bharat Electronics (up 3.46%) and Mahindra and Mahindra (up 2.13%) were major Nifty gainers.

Tata Steel (down 2.99%), Sbi Life Insurance Company (down 2.96%), JSW Steel (down 2.21%), Hindalco Industries (down 1.89%) and Wipro (down 1.71%) were major Nifty losers.

Bharat Electronics added 3.46% after the company said that it has bagged orders worth more than Rs 500 crore in the last month. The major orders received include EMI shelters, AMC for integrated air command and control system nodes, upgrade / spares for gun systems, spares for radars, communication system etc.

Stocks in Spotlight:

Tata Motors declined 1.54%. The company announced that the Jaguar Land Rover (JLR) wholesale volume decreased 10% year on year (YoY) to 87,303 units in Q2 FY25 (excluding the Chery Jaguar Land Rover China JV).

Bajaj Finserv fell 1.9%. The company said that its subsidiary, Bajaj Allianz General Insurance Company's gross direct premium underwritten for September 2024 was at Rs 1,689.17 crore, recording a decline of 7.59% year on year (YoY).

FSN E-Commerce Ventures (Nykaa) shed 0.44%. The company stated that it has witnessed a strong performance with consolidated net revenue growth of mid-twenties in second quarter of FY25.

RITES added 2.01% after the company said that it has received the LOA for supply and commissioning of overhauled in-service cape gauge ALCO diesel electric locomotives from Ntokoto Rail Holdings. The value of the aforementioned contract is $5.4 million, which at the prevailing exchange translates to Rs 45.33 crore.

SpiceJet surged 8.10% after the company announced its plans to significantly expand its fleet with the induction of ten aircraft by the end of November 2024. The company stated that seven of these aircraft will be acquired on lease, while three previously grounded SpiceJet planes are being reintroduced into service.

Global Markets:

European stocks traded lower as regional sentiment sours further after a shaky start to the week, with investors watching the conflict in the Middle East closely and its potential impact on oil markets, supply chains and the global economy.

Most Asian shares tumbled on Tuesday. However, Chinese stocks surged as trading resumed after a week-long break, buoyed by recent stimulus measures from Beijing. Officials are scheduled to provide further details on these measures later today.

In contrast, other Asian indices followed Wall Street's downward trend. U.S. stocks fell sharply on Monday as investors anticipated a smaller rate cut from the Federal Reserve due to a stronger-than-expected U.S. jobs report.

The major U.S. indexes suffered significant losses on Monday. The Dow Jones Industrial Average fell 0.94%, the S&P 500 dropped 0.96%, and the NASDAQ Composite lost 1.18%.

Fears of an escalating Middle East conflict also dampened risk appetite. Meanwhile, the impending landfall of Hurricane Milton, following on the heels of Hurricane Helene, added further anxiety.

US tech stocks witnessed a sharp decline. Google's parent company, Alphabet Inc., faced pressure after being ordered to restructure its Android app store. Additionally, negative analyst comments on Amazon and Apple triggered selling in these tech giants.

The release of the minutes from the September Federal Reserve meeting, scheduled for Wednesday, will be closely monitored. These minutes will offer insights into the Fed's future rate cut strategy. Thursday's consumer price index data is another key event. Investors will be looking for signs of persistent inflation, which could influence the Fed's monetary policy decisions.