At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 240.78 points or 0.30% to 80,245.82. The Nifty 50 index rose 74.90 points or 0.31% to 24,414.05.

In the broader market, the S&P BSE Mid-Cap index rose 0.06% and the S&P BSE Small-Cap index added 0.07%.

The market breadth was negative. On the BSE, 1,865 shares rose and 1,920 shares fell. A total of 124 shares were unchanged.

Economy:

According to the monthly report by the finance ministry, the outlook for the Indian economy is good, underpinned by a stable external sector, positive agricultural outlook, expected improvements in demand supported by the festive season, and the likelihood of an increase in Government spending, which will boost investment activity. However, at the margin, demand conditions in the economy bear watching. Given the overall subdued inflation, barring a few food items, the real price of money may have gone up.

The finance ministry maintains that the Indian economy will grow between 6.5% and 7.0% in the current fiscal year. However, risks stem from global factors such as geopolitical conflicts, rising geo-economic fragmentation, uncertainties about the trade policies of major economies and consequent financial market reactions, the report noted.

Buzzing Index:

The Nifty PSU Bank index rose 2.55% to 6,687.70. The index added 6.42% in the two trading sessions.

Indian Bank (up 4.95%), State Bank of India (up 3.52%), Bank of Maharashtra (up 2.89%), Punjab & Sind Bank (up 2.2%), Indian Overseas Bank (up 2.17%), Canara Bank (up 1.85%), Bank of India (up 1.57%), Central Bank of India (up 1.45%), Union Bank of India (up 1.36%) and Bank of Baroda (up 1.33%) edged higher.

Numbers to Track:

The yield on India's 10-year benchmark federal paper advanced 1.59% to 6.971 as compared with previous close 6.982.

In the foreign exchange market, the rupee remained flat against the dollar. The partially convertible rupee was hovering at 84.0775, compared with its close of 84.0775 during the previous trading session.

MCX Gold futures for 5 December 2024 settlement rose 0.28% to Rs 78,785.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.01% to 104.31.

The United States 10-year bond yield gained 0.54% to 4.305.

In the commodities market, Brent crude for November 2024 settlement added 18 cents or 0.25% to $71.60 a barrel.

Stocks in spotlight:

Paradeep Phosphates rallied 6.15% after the company's consolidated net profit surged 154.53% to Rs 227.63 crore on 4.37% rise in revenue from operations to Rs 3,843.84 crore in Q2 FY25 over Q2 FY24.

RailTel Corporation of India shed 0.16%. The company reported standalone net profit of Rs 72.64 crore in Q2 FY25, up 6.58% as against Rs 68.15 crore posted in Q2 FY24. Revenue from operations stood at Rs 843.49 crore in second quarter of FY25, registering a growth of 40.78% year on year.