The market surged amid broad based buying support on Thursday. Shares rallied after media reports suggested that the government is likely to roll back recently-imposed higher tax on foreign portfolio investors (FPIs). Prime Minister Narendra Modi will address the nation at 20:00 IST tonight.

The Sensex ended above the 37,000 level while the Nifty crossed the 11,000 mark. Trading was volatile on account of expiry of weekly options contracts on the NSE.

The barometer index, the S&P BSE Sensex, rose 636.86 points or 1.74% to 37,327.36, as per the provisional closing data. The Nifty 50 index rose 176.95 points or 1.63% to 11,032.45, as per the provisional closing data.

In the broader market, the S&P BSE Mid-Cap index rose 0.42%. The S&P BSE Small-Cap index gained 0.74%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1382 shares rose and 1029 shares fell. A total of 149 shares were unchanged.

JSW Steel (up 4.99%), BPCL (up 3.93%), Yes Bank (up 2.99%) and Coal India (up 2.86%) advanced.

Cipla (down 2.78%) and Indiabulls Housing Finance (down 0.99%) declined.

Adani Enterprises gained 5.57%. The company's net profit jumped 611.4% to Rs 570.14 crore on 39.74% rise in net sales to Rs 10561.37 crore in Q1 June 2019 over Q1 June 2018.

Ultratech Cement slipped 2.70%. On a consolidated basis, the cement maker's net profit rose 91.10% to Rs 1,207.81crore on a 14.35% rise in the revenue from operations to Rs 10,177.63 crore in Q1 June 2019 over Q1 June 2018. The result was announced during market hours today, 8 August 2019.

Abbott India jumped 4.45%. The MNC associate reported 41.92% rise in the net profit to Rs 116.94 crore on a 18.22% increase in the revenue from operations to Rs 998.89 crore in Q1 June 2019 over Q1 June 2018. The result was announced during market hours today, 8 August 2019.

Cadila Healthcare rose 3.37%. The company said that it has received a letter from the U.S. FDA classifying the inspection conducted at the company's Moraiya facility located at Ahmedabad, Gujarat from 22 April 2019 to 3 May 2019 as 'Official Action Indicated' (OAI). The Company believes that this classification will not have any impact on the current supplies or revenues of this facility. The announcement was made after market hours yesterday, 7 August 2019.

Petronet LNG rose 2.12%. The company reported 7.2% fall in consolidated net profit to Rs 561.94 crore on 6.11% fall in total income to Rs 8719.52 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 7 August 2019.

Tata Steel lost 3.34%. The steel maker's consolidated net profit dropped 63.58% to Rs 710.50 crore on 1.16% rise in total income to Rs 36320.02 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 7 August 2019.

Tata Steel's consolidated earnings before interest tax depreciation and amortization (EBITDA) declined 21.7% to Rs 5530 crore in Q1 June 2019 over Q1 June 2018. The company's consolidated steel production rose 11% to 7.15 million tonnes.

The company stated that during Q1 June 2019, steel prices across geographies declined with weakening economic activities and uncertainty around the ongoing US-China trade conflict. This coincided with a sharp rise in iron ore prices due to supply disruptions and elevated coking coal costs. As a result, steel spreads dropped by around US$ 80-100 per tonne in key markets.

In India, steel prices declined as subdued economic activity, seasonal slowdown and liquidity issues weighed on domestic consumption. Higher net imports further exacerbated the demand supply balance.

In Europe, the steel industry faced significant headwinds in terms of lower economic growth, uncertainty around Brexit and the trade conflict. This coupled with rising share of imports and elevated raw material prices has led to a sharp declined in steel spreads.

Lemon Tree Hotels fell 7.13%. On a consolidated basis, the hotel chain company reported net loss of Rs 1.67 crore in Q1 June 2019 compared with net profit of Rs 2.29 crore in Q1 June 2018. Net sales rose 11% to Rs 140.93 crore in Q1 June 2019 over Q1 June 2018. The result was announced after trading hours yesterday, 7 August 2019.

KEC International fell 0.65%. On a consolidated basis, the infrastructure construction company's net profit rose 2% to Rs 88.61 crore on a 14.6% rise in the net sales to Rs 2412.45 crore in Q1 June 2019 over Q1 June 2018. The result was announced after trading hours yesterday, 7 August 2019.

Adani Green Energy gained 0.63%. On a consolidated basis, the solar power generation & manufacturing company reported net profit of Rs 0.52 crore in Q1 June 2019 compared with net loss of Rs 74.27 crore in Q1 June 2018. Net sales rose 39.9% to Rs 660.81crore in Q1 June 2019 over Q1 June 2018. The result was announced after trading hours yesterday, 7 August 2019.

The Phoenix Mills rose 1.15%. On a consolidated basis, the retail mall developer and operator's net profit rose 118.3% to Rs 130.39 crore on a 48.9% rise in the net sales to Rs 615.04 crore in Q1 June 2019 over Q1 June 2018. The result was announced after trading hours yesterday, 7 August 2019.

Punjab & Sind Bank fell 1.89%. The government-owned bank reported net loss of Rs 30.28 crore in Q1 June 2019 compared with net loss of Rs 398.02 crore in Q1 June 2018. Total income fell 4.2% to Rs 2237.91 crore in Q1 June 2019 over Q1 June 2018. The result was announced after trading hours yesterday, 7 August 2019.

NBCC (India) rose 4.47%. The civil engineering enterprise secured the total business of Rs 201.77 crore in June and July 2019. The announcement was made after market hours yesterday, 7 August 2019.

Shares of Affle (India) were at Rs 878.70, a premium of 17.95% over the initial public offer price of Rs 745. The stock debuted at Rs 929.90, a premium of 24.81% to the initial public offer (IPO) price. So far the stock hit a high of Rs 958.30 and low of Rs 751.05. On BSE, so far 8.45 lakh shares were traded on the counter.

Dilip Buildcon gained 2.94%. The promoters of the company, Dilip Suryavanshi, Devendra Jain and Ms. Seema Suryavanshi, have proposed to divest part of their shareholding in the company. The promoters will divest 0.63% of the total equity capital of the company aggregating upto 8.64 lakh shares. The stake sale in undertake in connection with manner of achieving minimum public shareholding. The announcement was made after market hours yesterday, 7 August 2019.

Auto stocks rose. Tata Motors (up 5.11%), Mahindra & Mahindra (up 4.16%), Escorts (up 3.82%), Ashok Leyland (up 3.35%), Hero MotoCorp (up 3.31%), Bajaj Auto (up 3.27%), TVS Motor Company (up 2.33%) and Eicher Motors (up 1.96%) advanced.

Maruti Suzuki India gained 1.75%. The car marker announced the production figures for the month of July 2019 after market hours yesterday, 7 August 2019. The company reported a 25.36% decline in the total production to 1.33 lakh units while the total passenger vehicles' production fell 25.60% to 1.30 lakh units.

As per reports, auto industry majors have met the Finance Minister Nirmala Sitharaman to seek stimulus package to spur demand. The auto leader have also requested for GST reduction, more liquidity and relaxation of credit facilities for retailers.

Most IT stocks rose. TCS (up 2.21%), Infosys (up 1.85%), Wipro (1.43%), Hexaware Technologies (up 1.29%) and Tech Mahindra (up 0.65%) advanced.

MindTree (down 0.23%), MphasiS (down 0.12%) and Persistent Systems (down 0.01%) declined.

HCL Technologies rose 6.08%.The IT major's consolidated net profit fell 12.54% to Rs 2,230 crore on a 2.73% increase in net sales to Rs 16,427 crore in Q1 June 2019 compared with Q4 March 2019. The result was announced after trading hours yesterday, 7 August 2019.

The firm's consolidated EBITDA also declined 5.4% to Rs 3,225 crore in Q1 June 2019 as against Q4 March 2019. The consolidated EBITDA margin grew to 23.2% in Q1 June 2019 from 22.4% in Q4 March 2019.

Oracle Financial Services Software fell 1.5%. On a consolidated basis, the IT services company's net profit rose 15.76% to Rs 377.39 crore on a 4.95% rise in the net sales to Rs 1275.1 crore in Q1 June 2019 over Q4 March 2019. The result was announced after trading hours yesterday, 7 August 2019.

Thermax rose 2.96%. The company's consolidated net profit rose 28.16% to Rs 62.76 crore on a 34.5% surge in net sales to Rs 1,392.45 crore in Q1 June 2019 compared with Q1 June 2018. The result was announced during market hours today, 8 August 2019.

Thermax Group had an order balance declined 18% to Rs 5,250 crore as of 30 June 2019 as against 30 June 2018. The firm's order booking was 26% lower at Rs 1,217 this quarter over the same quarter last fiscal year, on the account of slowdown in investment sentiment witnessed in both domestic and international markets.

Index major Reliance Industries (RIL) rose 4.42%. As per reports, RIL is partnering with US-based luxury jeweller Tiffany & Co to open a line of stores in the country. Tiffany plans to open stores in New Delhi and Mumbai in the second half of fiscal years 2019 and 2020 respectively, the report added.

HPCL rose 2.74%. The company's consolidated net profit declined 55.9% to Rs 877.48 crore on 5% increase in net sales to Rs 70776.43 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 7 August 2019.

On standalone basis, the company's consolidated net profit declined 52.8% to Rs 810.95 crore on 5% increase in net sales to Rs 70710.53 crore in Q1 June 2019 over Q1 June 2018.

The average gross refining margin was at $0.75 per barrel in Q1 June 2019 as against $7.15 per barrel in Q1 June 2018.

Aurobindo Pharma jumped 8.44%. The company's consolidated net profit jumped 41.6% to Rs 645.18 crore on 28.1% increase in net sales to Rs 5356.84 crore in Q1 June 2019 over Q1 June 2018. The result was announced after market hours yesterday, 7 August 2019.

The company's earnings before interest tax depreciation and amortization (EBITDA) increased 47.1% to Rs 1146.4 crore in Q1 June 2019 compared with Rs 779.2 crore in Q1 June 2018. The EBITDA margin was at 21.1% in Q1 June 2019 as compared to 18.3% in Q1 June 2018.

Emami rose 1.07%. On a consolidated basis, the personal care & healthcare products company's profit after tax rose 47% to Rs 39 crore on a 6% rise in the revenue from operations to Rs 649 crore in Q1 June 2019 over Q1 June 2018. The result was announced during market hours today, 8 August 2019.

Ramco Industries rose 2.22%. The cement manufacturing company's consolidated net profit rose 10.8% to Rs 61.04 crore on a 2.4% decline in net sales to Rs 321.44 crore in Q1 June 2019 compared with Q1 June 2018. The result was announced after market hours yesterday, 7 August 2019.

Siemens advanced 4.12%. The company reported 21.35% rise in consolidated net profit to Rs 250.10 crore on 4.31% rise in total income to Rs 3300 crore in Q3 June 2019 over Q3 June 2018. The result was announced after market hours yesterday, 7 August 2019.

Jindal Steel & Power fell 2.34%. The company clarified that all speculations/rumors with respect to payment default are baseless and false in nature. The company strongly reiterates that it is on track to deliver its highest ever volumes this year and should be able to generate better returns for its stakeholders. The result was announced after market hours yesterday, 7 August 2019.

Overseas, European stocks were trading higher while most Asian stocks ended higher ahead of Chinese trade data, which could shed further light on the impact of Washington's protracted trade war between Washington and Beijing.

US stocks recovered from steep early losses on Wednesday as investors snapped up oversold shares and bond yields rebounded from significant lows that raised fears about a recession.