Indian stocks started strong on Friday, buoyed by indications of a slowing U.S. economy that led to a dip in bond yields and increased expectations for probable rate cuts from the Federal Reserve.
Market participants also applauded the interim budget presented by the Modi government, which laid out plans to reduce the fiscal deficit by the fiscal year 2025.
The leading S&P BSE Sensex index surged 780 points, or 1.1 percent, to 72,415 in initial trading. Concurrently, the more expansive NSE Nifty index rose by 245 points, also a 1.1 percent gain, to reach a level of 21,942.
Adani Ports saw a significant growth of nearly 5 percent in their shares following third-quarter earnings that surpassed predictions. Furthermore, Dr Reddy's Laboratories continued its upward trend from the previous trading session, with shares increasing by about 1 percent as a result of better-than-expected results for the December quarter.
Shares in TCS grew by 1.7 percent on news that the company has tied promotions and variable payouts to adherence with the return-to-office directive.
In contrast, Voltas shares grew modestly by half a percent following the announcement of mixed third-quarter results. PB Fintech, the parent company of Policybazaar, saw its shares dip by 0.7 percent after the Singapore-based investment firm, Temasek Holdings, divested its total stake in the company, raising Rs. 2,425 crores via open-market transactions.
Coromandel International, meanwhile, saw a slight improvement in its shares by 0.6 percent after the company board approved a strategic plan to establish a phosphoric acid plant at their Kakinada unit.
