At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 409.52 points or 0.69% to 59,371.64. The Nifty 50 index added 121.20 points or 0.70% to 17,425.15.

In the broader market, the S&P BSE Mid-Cap index rose 1.02% while the S&P BSE Small-Cap index advanced 1.19%.

The market breadth was strong. On the BSE, 2,355 shares rose and 910 shares fell. A total of 127 shares were unchanged.

Economy:

India's GDP or gross domestic product slowed to 4.4 per cent in the October-December quarter 2022, primarily due to a 1.1 per cent contraction in manufacturing, along with weaker private consumption demand and government expenditure, according to the second advance estimates released by the Ministry of Statistics and Programme Implementation (MoSPI) on Tuesday.

For the full financial year 2022-23, the National Statistics Office (NSO) has retained the growth estimate at 7 per cent in the second advance estimates. According to the first advance estimates released last month, the GDP growth was pegged at 7 per cent for 2022-23. In financial year 2021-2022, India's economy grew at 8.7 per cent.

The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) was at 55.3 in February, little-changed from 55.4 in January and signaling a strong improvement in the health of the sector. The headline figure was also above its long-run average of 53.7.

India's core sector output, comprising eight sectors including coal and electricity accounting for nearly 40 per cent of industrial output, jumped 7.8 per cent in January 2023, the official data showed yesterday. The production of fertilizers, coal, electricity, steel, natural gas, cement and refinery products increased in January 2023 over the corresponding month of last year.

New Listing:

Shares of Sealmatic India hit an upper circuit of 5% at Rs 236.25 on the BSE, a premium of 5% compared with the issue price of Rs 225. The scrip was listed at Rs 225, at par with the issue price. So far, the scrip hit a high of Rs 236.25 and a low of Rs 216. Over 9.53 lakh shares of the company have changed hands in the counter till now.

Shares of Viaz Tyres were trading at Rs 68.05 at 11:30 IST on the NSE, a premium of 9.76% as compared with the issue price of Rs 62. The scrip was listed at Rs 68, representing a premium of 9.68% compared with the initial public offer price. So far, the scrip hit a high of Rs 71.40 and a low of Rs 68. At the counter, 19.24 lakh shares of the company had changed hands till now.

Shares of Macfos hit a lower circuit of 5% at Rs 174.80 on the BSE, a premium of 71.37% compared with the issue price of Rs 102. The scrip was listed at Rs 184, representing a premium of 80.39% compared with the initial public offer price. So far, the scrip hit a high of Rs 184 and a low of Rs 174.80. Over 6.90 lakh shares of the company have changed hands in the counter till now.

Buzzing Index:

The Nifty Realty index advanced 1.60% to 399.50, continuing its rising streak to third consecutive day. The index added 5% in three trading sessions.

Macrotech Developers (up 3.19%), Indiabulls Real Estate (up 2.6%), Phoenix Mills (up 2.2%), Godrej Properties (up 1.61%), Sunteck Realty (up 1.53%), Oberoi Realty (up 1.48%), Prestige Estates Projects (up 1.44%), DLF (up 1.04%), Sobha (up 0.21%) edged higher.

Stocks in Spotlight:

Escorts Kubota fell 0.56%. The company said that its Agri Machinery business in February 2023 sold 7,811 tractors, registering a growth of 27.8% as against 6,114 tractors sold in February 2022. Domestic tractor sales in February 2023 were at 7,245 tractors registering a growth of 27.4 percent as against 5,686 tractors sold in February 2022.

Bajaj Auto added 1.65%. The two wheeler maker's total sales declined 11% to 2,80,226 units in February 2023 compared with 3,16,020 units sold in February 2022. Total domestic sales surged 36% to 1,53,291 units, while exports tumbled 38% to 1,26,935 units in February 2023 over February 2022.

NCC rose 2.01% after the company announced that it has received 3 new orders aggregating Rs 2,374 crore in the month of February 2023. These orders are received from State Govt., agencies and PSU and does not include any internal orders, the company said.

Global markets:

Asian stocks were trading higher as investors digested a slew of key economic data across the region.

China's factory activity in February showed further growth. China's official manufacturing purchasing managers' index rose to 52.6 in February, data from the National Bureau of Statistics showed. That's compared to January's reading of 50.1. Non-manufacturing PMI rose to 56.3, above January's reading of 54.4, the highest level since June 2022.

Japan's factory activity slowed at the fastest pace in two and a half years in February, private surveys by au Jibun Bank showed. The manufacturing purchasing managers' index fell to 47.7, down from 48.9 in January.

Australia's economy grew 2.7% for the whole of 2022, in line with economists expectations, but lower than 2021′s figure of 5.9%.

US stocks fell on Tuesday, as more evidence of stubborn inflation added to expectations that central banks will keep rates high.