At 12:30 IST, the barometer index, the S&P BSE Sensex surged 1,094.86 points or 1.38% to 80,484.97. The Nifty 50 index jumped 298.20 points or 1.23% to 24,479.

In the broader market, the S&P BSE Mid-Cap index gained 0.80% and the S&P BSE Small-Cap index rose 1.19%.

The market breadth was strong. On the BSE, 2,571 shares rose and 1,264 shares fell. A total of 192 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 2.20% to 14.31. The Nifty 31 October 2024 futures were trading at 24,460.05, at a discount of 18.95 points as compared with the spot at 24,479

The Nifty option chain for the 31 October 2024 expiry showed maximum Call OI of 97.1 lakh contracts at the 25,000 strike price. Maximum Put OI of 82.4 lakh contracts were seen at 24,000 strike price.

Buzzing Index:

The Nifty Metal index jumped 2.50% to 9,275.05. The index tumbled 7.22% in past five consecutive trading sessions.

Hindustan Copper (up 5.65%), NMDC (up 4.59%), Adani Enterprises (up 3.88%), Welspun Corp (up 3.28%), Hindustan Zinc (up 3.23%), Vedanta (up 3.1%), JSW Steel (up 2.55%), Steel Authority of India (up 2.38%), National Aluminium Company (up 2.37%) and Hindalco Industries (up 2.22%) advanced.

Stocks in Spotlight :

Bandhan Bank soared 9.15% after the bank reported 29.99% growth in standalone net profit to Rs 937.44 crore on 21.11% rise in total income to Rs 6,094.53 crore in Q2 FY25 over Q2 FY24.

Balkrishna Industries advanced 2.40% after the company reported 4.24% increase in standalone net profit to Rs 349.60 core on 9.45% rise in revenue from operations to Rs 2,436.19 crore in Q2 FY25 over Q2 FY24.

Titagarh Rail Systems (TSRL) added 1.17% after its standalone net profit jumped 20.07% to Rs 85.12 crore in Q2 FY25 as against to Rs 70.89 crore posted in Q2 FY24. Revenue from operations increased by 12.98% to Rs 1,056.95 crore in the second quarter of FY25, compared to Rs 935.45 crore recorded in the corresponding quarter of the previous year.