At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 169.14 points or 0.22% to 80,132.89. The Nifty 50 index rose 43.75 points or 0.18% to 24,364.30.

The broader market outperformed the frontline indices, the S&P BSE Mid-Cap index rose 0.47% and the S&P BSE Small-Cap index added 0.65%.

The market breadth was strong. On the BSE, 1,525 shares rose and 563 shares fell. A total of 188 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 60.98 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,866.79 crore in the Indian equity market on 8 July 2024, provisional data showed.

Stocks in Spotlight:

Century Textiles and Industries advanced 3.10% after the company informed that its board is scheduled to meet on 16 July 2024, to consider the proposal of raising of funds up to Rs 1,000 crore through issuance of non-convertible debentures (NCDs) in one or more tranches.

Torrent Power jumped 4.57% after the company signed an agreement with ARS Steeks and Torrent Urja 14 for setting up 50 MWp solar projects in Tamil Nadu.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was down 0.04% to 6.986 as compared with previous close 6.990.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.5125, compared with its close of 83.5000 during the previous trading session.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.01% to 105.02.

The United States 10-year bond yield gained 0.38% to 4.282.

In the commodities market, Brent crude for September 2024 settlement lost 21 cents or 0.24% to $85.54 a barrel.

Global Markets:

Asian stocks traded mixed, mirroring another record close for the S&P 500, as investors awaited Federal Reserve Chair Jerome Powell's testimony before Congress and the kick-off of the U.S. earnings season.

Powell's testimony, starting Tuesday, will be scrutinized for clues about the Fed's monetary policy direction. He faces conflicting pressures from lawmakers: some urging interest rate cuts and others critical of the Fed's recent plans to tighten regulations on Wall Street banks.

In the U.S., both the S&P 500 and Nasdaq indexes extended their gains on Monday, reaching new all-time highs. Investors are looking ahead to key inflation data due later this week.