At 10:30 IST, the barometer index, the S&P BSE Sensex was up 209.37 points or 0.26% to 72,269.88. The Nifty 50 index added 83.50 points or 0.38% to 21,968.

In the broader market, The S&P BSE Mid-Cap index rose 0.37% and the S&P BSE Small-Cap index fell 0.57%.

The market breadth was negative. On the BSE, 1,421 shares rose and 2,056 shares fell. A total of 137 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 25.32% to 19.97.

Lok Sabha Elections:

The Lok Sabha elections 2024 concluded with the Election Commission of India declaring all results. Prime Minister Narendra Modi is set to form the government for a third consecutive term. The BJP emerged as the largest party, winning 240 out of 543 seats, while the Congress secured 99 seats. The BJP-led National Democratic Alliance (NDA) won 293 seats, and the Opposition INDIA alliance obtained 232 seats. Despite significant losses in three Hindi heartland states, the NDA secured a majority in the Lok Sabha after a fiercely contested election.

Buzzing Index:

The Nifty FMCG index jumped 5.07% to 57,970.35. The index rallied 7.13% in three consecutive trading sessions.

Hindustan Unilever (up 7.68%), United Spirits (up 7.32%), Dabur India (up 6.31%), Britannia Industries (up 6.1%), United Breweries (up 6.05%), Marico (up 5.61%), Tata Consumer Products (up 5.53%), Colgate-Palmolive (India) (up 5.46%), Godrej Consumer Products (up 5.34%) and Nestle India (up 4.4%) advanced.

Stocks in Spotlight:

Wipro rose 1.64% after the company announced that it has partnered with Zscaler to introduce Wipro Cyber X-Ray, an AI-assisted decision support platform.

Hindalco Industries tumbled 5.26% after the company’s wholly owned subsidiary Novelis Inc. announced the postponement of its initial public offering due to market conditions.