At 11:30 IST, the barometer index, the S&P BSE Sensex, jumped 764.71 points or 1.04% to 74,597.26. The Nifty 50 index rose 194.50 points or 0.84% to 23,356.10.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index gained 1.21% and the BSE 250 SmallCap Index added 1.65%.

The market breadth was strong. On the BSE, 2,912 shares rose and 938 shares fell. A total of 191 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 4.56% to 14.90.

Buzzing Index:

The Nifty PSU Bank index rose 2.06% to 8,475.05. The index declined 2.28% in the past two trading sessions.

Bank of Maharashtra (up 3.36%), Bank of Baroda (up 2.99%), Union Bank of India (up 2.97%), Bank of India (up 2.54%), UCO Bank (up 2.23%), Central Bank of India (up 1.92%), Indian Overseas Bank (up 1.85%), Indian Bank (up 1.7%), State Bank of India (up 1.21%) and Punjab & Sind Bank (up 1.03%) jumped.

Stocks in Spotlight:

Gujarat Inject Kerala jumped 4.97% after the company announced that it had secured a purchase order worth Rs 14.49 crore from Deon Energy for the supply of 16,129 units of 620 WP solar panels.

Dabur India rose 0.41%. The company said the United States Food and Drug Administration (USFDA) issued Import Alert 66-40 for drugs made at part of its Silvassa facility after an inspection flagged data integrity and maintenance deficiencies.

Global Markets:

Asian markets advanced on Friday after President Donald Trump signaling that the U.S. and Iran could soon sign a peace deal.

Trump on Thursday told reporters in the Oval Office that a deal between the U.S. and Iran would have a 'signing soon, and the documents are in pretty final shape. It should be done and it should be done pretty quickly.' The president added that under the deal, 'Iran will never have a nuclear weapon.'

Equities had rallied earlier in the day, after Trump said in a Truth Social post that he had called off the strikes on Iran originally planned for Thursday evening.

Now all eyes will be watching SpaceX, Elon Musk's rocket maker, as it debuts on the Nasdaq. SpaceX, set to go public under the ticker symbol SPCX, has set a fixed price of $135 per share, which would put its valuation at $1.77 trillion.

The company plans to sell 555.6 million shares, amounting to a $75 billion fundraise that would be the largest initial public offering in history. It's more than triple the size of Alibaba's $22 billion offering in 2014, currently the biggest U.S. IPO to date.

Overnight on Wall Street, U.S. equities gained on Thursday, boosted by a rebound in chip stocks, after President Donald Trump called off the strikes on Iran scheduled for this evening and said the U.S. is going to soon sign a deal with the country.

The S&P 500 gained 1.75% to close at 7,394.30, while the Nasdaq Composite added 2.54% to 25,809.66. The Dow Jones Industrial Average rose 929.97 points, or 1.86%, and settled at 50,848.75.

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