The Indian indices traded with substantial gains in mid-morning trade. The Nifty hovered above the 22,500 level. Bank shares advanced after declining in the past trading session.

At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 567.74 points or 0.77% to 74,300.84. The Nifty 50 index added 119.25 points or 0.53% to 22,539.20.

In the broader market, the S&P BSE Mid-Cap index rose 0.37% and the S&P BSE Small-Cap index added 0.11%.

The market breadth was positive. On the BSE, 2,094 shares rose and 1,595 shares fell. A total of 205 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, surged 12.01% to 12.24.

Buzzing Index:

The Nifty Bank index gained 1.09% to 48,727. The index shed 0.61% in the past trading session.

AU Small Finance Bank (up 2.72%), IndusInd Bank (up 2.27%), ICICI Bank (up 2.11%), Kotak Mahindra Bank (up 1.67%) and Axis Bank (up 1.33%) were the top gainers. Among the other gainers were State Bank of India (up 0.85%), HDFC Bank (up 0.4%), Federal Bank (up 0.32%).

Stocks in Spotlight:

Jaiprakash Power Ventures was locked in an upper circuit at 5% after the company’s consolidated net profit stood at Rs 588.79 crore in Q4 FY24 as against a net loss of Rs 43.99 crore recorded in Q4 FY23. Revenue from operations increased 9.78% to Rs 1,514.83 crore in March 2024 quarter from 1379.88 crore posted in corresponding quarter previous year.

Usha Martin slipped 3.67%. The company reported 1% rise in consolidated net profit to Rs 106.3 crore as revenues fell by 3.1% to Rs 829 crore in Q4 FY24 as compared with Q4 FY23.

RBL Bank declined 2.41%. The private lender's standalone net profit jumped 30.1% to Rs 352.64 crore on 27.08% jump in total income to Rs 4,214.56 crore in Q4 FY24 over Q4 FY23.