At 12:27 IST, the barometer index, the S&P BSE Sensex was surged 765.04 points or 1.05% to 73,758.08. The Nifty 50 index jumped 237.50 points or 1.07% to 22,361.15.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.58% and the S&P BSE Small-Cap index added 0.69%.

The market breadth was strong. On the BSE, 2,204 shares rose and 1,454 shares fell. A total of 131 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 0.19% to 12.68. The Nifty 28 March 2024 futures were trading at 22,510.45, at a premium of 149.3 points as compared with the spot at 22,361.15.

The Nifty option chain for the 28 March 2024 expiry showed maximum Call OI of 257 lakh contracts at the 22,500 strike price. Maximum Put OI of 307.5 lakh contracts were seen at 22,300 strike price.

Buzzing Index:

The Nifty Pharma rose 1.01% to 18,957.05. The index shed 0.25% in the two trading sessions.

Biocon (up 3.39%), Divis Laboratories (up 2.15%), Ipca Laboratories (up 2.14%), Cipla (up 1.78%) and Zydus Lifesciences (up 1.78%), Dr Reddys Laboratories (up 1.75%), Sanofi India (up 1.29%), Sun Pharmaceuticals Industries (up 1.15%), Abbott India (up 1.04%) and Granules India (up 0.85%) advanced.

On the other hand, Mankind Pharma (down 2.17%), Alkem Laboratories (down 1.62%) and Natco Pharma (down 1.18%) edged lower.

Zydus Lifesciences rose 1.78% after the company said that US Food and Drug Administration (USFDA) conducted an inspection at the SEZ Onco Injectable manufacturing plant at Ahmedabad, Gujarat.

Biocon jumped 3.39% after the company announced that it has received approval from the Medicines and Healthcare Products Regulatory Agency (MHRA), U.K., for its complex formulation Liraglutide.

Stocks in Spotlight:

Latent View Analytics advanced 4.18% after the company announced the Board approval for acquisition of 70% of outstanding equity capital in Decision Point for a total consideration of $39.1 million.