Benchmark indices jumped to near two-month highs on Thursday, lifted by gains in non-bank lender Bajaj Finance after its quarterly earnings beat expectations, and as the U.S. Federal Reserve hiked rates on expected lines.
The NSE Nifty 50 index was up 0.74 per cent at 16,765.2, while the S&P BSE Sensex rose 0.87 per cent to 55,299.37 in early trade, touching their highest level since June 3.
The U.S. Federal Reserve’s 0.75 percentage point hike in interest rates, and Fed Chair Jerome Powell's comments dismissing chances of a recession gave markets some relief.
Bajaj Finance surged 5.8 per cent to its highest in nearly three months, topping gains on the Nifty 50, after the non-bank lender reported stronger-than-expected first-quarter results.
Tata Motors slid 2.8 per cent in its biggest intraday drop in over a month after the automaker reported a bigger loss, hit by a jump in costs.
SpiceJet dived 9.3 per cent to a March 2020 low after India's aviation regulator on Wednesday halved the budget carrier's capacity citing recent safety snags.
Nifty 50 components Dr Reddy's Laboratories, Bajaj Finserv and SBI Life Insurance are scheduled to report results later in the day.