At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 705.81 points or 0.98% to 72,807.50. The Nifty 50 index gained 219.50 points or 1.01% to 22,058.60.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 1.74% and the S&P BSE Small-Cap index added 1.87%.

The market breadth was strong. On the BSE, 2,756 shares rose and 657 shares fell. A total of 150 shares were unchanged.

New listing:

Shares of Krystal Integrated Services were currently trading at Rs 762.05 at 10:23 IST on the BSE, representing a premium of 6.58% as compared with the issue price of Rs 715.

The scrip was listed at Rs 795, exhibiting a premium of 11.19% to the issue price.

So far, the stock has hit a high of 795 and a low of 760.10. On the BSE, over 1.46 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty PSU Bank index gained 2.61% to 6,853.75. The index jumped 2.72% in the two trading session.

Central Bank of India (up 3.52%), Punjab & Sind Bank (up 3.51%), Bank of India (up 3.04%), Indian Overseas Bank (up 2.79%), Union Bank of India (up 2.77%), Punjab National Bank (up 2.66%), UCO Bank (up 2.28%), Bank of Maharashtra (up 2.13%), Bank of Baroda (up 1.98%) and Canara Bank (up 1.92%) advanced.

Stocks in Spotlight:

GE Power India advanced 3.88% after the company announced that it has received a purchase order from Bharat Aluminium Company (BALCO) and Nuclear Power Corporation of India (NPCIL), Tarapur, Maharashtra.

Jupiter Wagons gained 3.70% after the company announced acquisition of Bonatrans India Private (BIPL) for a sum of Rs 271 crore. BIPL, situated in Chhatrapati Sambhajinagar (Aurangabad), Maharashtra, stands as a distinguished manufacturer of rolling stock wheelsets.

Kansai Nerolac Paints rose 0.88%. The company has now opened a sales depot at Kannur, Kerala. This will be the company's 110th sales depot across the country.