At 12:25 IST, the barometer index, the S&P BSE Sensex gained 109.74 points or 0.15% to 72,510.72. The Nifty 50 index jumped 58.05 points or 0.26% to 22,015.55.

In the broader market, the S&P BSE Mid-Cap index rose 0.33% and the S&P BSE Small-Cap index added 0.22%.

The market breadth was positive. On the BSE, 1,948 shares rose and 1,684 shares fell. A total of 155 shares were unchanged.

Derivatives

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 1.95% to 18.56. The Nifty 30 May 2024 futures were trading at 22,121.55, at a premium of 106 points as compared with the spot at 22,015.55.

The Nifty option chain for the 30 May 2024 expiry showed maximum Call OI of 30.2 lakh contracts at the 22,500 strike price. Maximum Put OI of37.9 lakh contracts were seen at 22,000 strike price.

Buzzing Index:

The Nifty Pharma index jumped 1.18% to 18,654.55. The index slipped 2.20% in the previous trading session.

Abbott India (up 3.57%), Mankind Pharma (up 2.88%), Torrent Pharmaceuticals (up 2.52%), Cipla (up 1.92%) and Glenmark Pharmaceuticals (up 1.82%) were the top gainers.

Among the other gainers were Zydus Lifesciences (up 1.74%), Aurobindo Pharma (up 1.69%), J B Chemicals & Pharmaceuticals (up 1.65%), Laurus Labs (up 1.39%) and Lupin (up 1.27%).

Stocks in spotlight:

Hikal declined 1.13% after the company has reported 6.1% fall in net profit to Rs 33.86 crore on a 4.7% decline in net sales to Rs 512.75 crore in Q4 FY24 as compared with Q4 FY23.

VST Tillers Tractors slipped 3.22% after the company's consolidated net profit declined 13.45% to Rs 34.75 crore in Q4 FY24 as compared with Rs 40.15 crore reported in Q4 FY23. Revenue from operations dropped 15.24% year on year to Rs 273.44 crore in the quarter ended 31 March 2024.