Live: Sensex, Nifty Advance; Rupee Opens With Gains

• Benchmark indices trade with gains in the first hour
• Nifty up 0.85% at 11,601
• Sensex up 0.9% at 39,327
• Nifty Bank up 1% at 22,599
• Nifty Midcap index up 0.65%
• Nifty Smallcap index up 0.7%
• India Volatility Index down 0.2% to 19.66
• Nifty Realty is the top sectoral gainer; up 2.6%
• Nifty Auto is the other major sectoral gainer; up 1.6%
• Nifty I.T. is the top sectoral laggard; down 0.75%
• Tata Motors is the top Nifty gainer; up 7.1%
• 36 out of the 50 Nifty constituents trade with gains
• Wipro is the top Nifty laggard; down 1.8%
• 1,170 stocks on the NSE trade with gains while 496 decline

The rupee has opened with gains in today's session after ending with losses on Monday.

The currency opened at 73.16 against the U.S. Dollar as compared to Monday's close of 73.29. It was the second worst performer in Asia on Monday.

The rupee has outperformed its high-yielding counterpart - the Indonesian Rupiah in the July-September period with gains of over 2%.

Yield on the 10-year government bond opened at 6.01% as compared to Monday's close of 5.996%.

Indian states are planning to sell bonds worth Rs 21,150 crore in today's session.

ANZ in a note said that it prefers holding 5-year tenor bonds, which should benefit from further rate cuts and broader currency support. It sees scope for yields to ease to 4.8% on the back of another 50 basis points of rate cuts during the fiscal year.

The company's U.K. subsidiary Jaguar Land Rover said that retail sales in the July-September period saw significant improvement as compared to the previous quarter.

JLR said that sales in China were particularly encouraging and that its vehicle manufacturing plants in U.K. and Slovakia have increased to a two-shift pattern to meet rising demand.

JLR's Retail sales for the quarter were at 1,13,569 vehicles - up 50% from the pervious quarter. China's sales were up 14.6% sequentially and 3.7% year-on-year.

While the company highlighted improving retail sales in all other markets, it said that they have not yet recovered to pre-Covid levels.

Shares gained as much as 6% to Rs 141.9 and are the top gainers on the Nifty 50 index. The stock is up for the fourth straight day.

The Bengaluru-based real estate player in its second quarter business updated reported a total sales volume at 8.91 lakh square feet, valued at Rs 690 crore.

The company said that the total average realisation of Rs 7,737 per square feet, achieved during the July-September period was the highest in the last five quarters.

Sales volume, total sales value and Sobha share of sales value rose 37%, 41% and 35% respectively as compared to the previous quarter.

Dependency on Bengaluru sales has come down to 60% during the current quarter as compared to 74% in Q1FY21.

Brokerage firm Jefferies has maintained its buy rating on the stock with a price target of Rs 315.

Shares gained as much as 8.6% - the most in six months to Rs 260. The stock is up for the third straight day and is trading at the highest level in a month.