At 14:29 IST, the barometer index, the S&P BSE Sensex, was up 1006.21 points or 1.71% to 59,915.56. The Nifty 50 index added 302.25 points or 1.74% to 17,624.15.

In the broader market, the S&P BSE Mid-Cap index and the S&P BSE Small-Cap index advanced 0.88%.

The market breadth was strong. On the BSE, 2,237 shares rose and 1,234 shares fell. A total of 123 shares were unchanged.

Economy:

The seasonally adjusted S&P Global India Services PMI Business Activity Index came in at 59.4 in February as against 57.2 in January, attaining its highest level in 12 years and indicating a sharp expansion in output. Where growth was reported, survey participants mentioned favourable demand conditions and new business gains.

Numbers to track:

The yield on India's 10-year benchmark federal paper declined to 7.420 from 7.430 in previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.00, compared with its close of 82.60 during the previous trading session.

MCX Gold futures for 5 April 2023 settlement gained 0.07% to Rs 55,780.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.34% to 104.67.

The United States 10-year bond yield slipped 1.10% to 4.028.

In the commodities market, Brent crude for May 2023 settlement rose 5 cents or 0.06% to $84.80 a barrel.

Buzzing Index:

The Nifty Realty index advanced 2.39% to 415.65. The index jumped 9.25% in five trading sessions.

Macrotech Developers Ltd (up 7.57%), Godrej Properties Ltd (up 4.21%), Oberoi Realty Ltd (up 2.88%), Indiabulls Real Estate Ltd (up 1.94%), DLF Ltd (up 1.8%), Sobha Ltd (up 1.39%), Sunteck Realty Ltd (up 1.14%) and Brigade Enterprises Ltd (up 0.29%) advanced.

Stocks in Spotlight:

Patel Engineering jumped 8.10% after the company, along with its joint venture (JV) partners, bagged Rihand micro irrigation project worth Rs 640.06 crore. The company being 80% partner in the JV, our share in the project is Rs 512.05 crore.

Happiest Minds Technologies rose 0.68% after the IT solutions provider announced that its board approved the issue and allotment of non-convertible debentures (NCDs) aggregating to Rs 125 crore on private placement basis in domestic market in three tranches.

WPIL hit an upper circuit of 10% after the company received four letter of acceptance (LoA) from Madhya Pradesh Jal Nigam Maryadit for execution of turnkey project worth Rs 1,225 crore.