At 12:30 IST, the barometer index, the S&P BSE Sensex was up 396.50 points or 0.49% to 81,446.50. The Nifty 50 index added 136.05 points or 0.55% to 24,931.80.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.95% and the S&P BSE Small-Cap index gained 1.28%.

The market breadth was strong. On the BSE, 2,629 shares rose and 1,192 shares fell. A total of 118 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 2.40% to 14.72. The Nifty 31 October 2024 futures were trading at 25,079.40, at a premium of 147.6 points as compared with the spot at 24,931.80.

The Nifty option chain for the 31 October 2024 expiry showed maximum Call OI of 46.7 lakh contracts at the 26,000 strike price. Maximum Put OI of 39.8 lakh contracts were seen at 24,000 strike price.

Buzzing Index:

The Nifty Pharma index rose 1% to 23,208.10. The index declined 0.51% in the past trading sessions.

Ipca Laboratories (up 2.93%), Glenmark Pharmaceuticals (up 2.04%), Ajanta Pharma (up 1.84%), Divis Laboratories (up 1.82%) and Granules India (up 1.7%), Abbott India (up 1.68%), Cipla (up 1.27%), Mankind Pharma (up 1.07%), Lupin (up 1.07%) and Laurus Labs (up 0.86%) edged higher.

On the other hand, Gland Pharma (down 0.65%), Natco Pharma (down 0.23%) and Zydus Lifesciences (down 0.09%) edged lower.

Stocks in Spotlight :

Tata Motors declined 1.59% after 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).

Hi-Tech Pipes fell 0.985. The company announced that its board has approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 194.98 per share.