At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 686.20 points or 0.86% to 80,725.67. The Nifty 50 index jumped 246 points or 1.01% to 24,652.10.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index gained 1.83% and the S&P BSE Small-Cap index added 1.23%.

The market breadth was strong. On the BSE, 2,765 shares rose and 1,034 shares fell. A total of 128 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 3.03% to 12.24. The Nifty 29 August 2024 futures were trading at 24,727.55, at a premium of 75.45 points as compared with the spot at 24,652.10.

The Nifty option chain for the 29 August 2024 expiry showed maximum Call OI of 28.7 lakh contracts at the 24,500 strike price. Maximum Put OI of 36.3 lakh contracts were seen at 24,500 strike price.

Buzzing Index:

The Nifty Media index gained 1.58% to 2,073.60. The index rallied 6.13% in four consecutive trading sessions.

Network 18 Media & Investments (up 8.50%), TV18 Broadcast (up 5.05%), Saregama India (up 2.74%), Dish TV India (up 1.72%), Hathway Cable & Datacom (up 1.72%), Zee Entertainment Enterprises (up 1.66%), Sun TV Network (up 1.5%), Tips Industries (up 1.24%) and Nazara Technologies (up 0.18%) advanced.

Stocks in Spotlight :

SJVN zoomed 7.70% after the company received a letter of intent (LOI) for allotment of Darzo Lui Pumped Storage Project from the Government of Mizoram.

DLF advanced 2.55% after the realty major's consolidated net profit increased 22.51% to Rs 645.61 crore in Q1 FY25 as compared with Rs 527 crore recorded in Q1 FY24. Revenue from operations fell 4.28% year on year (YoY) to Rs 1,362.35 crore in the quarter ended 30 June 2024.

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