Sensex rallies 320 pts on fag-end buying, Nifty above 24,800
Indian equity indices finished higher, recovering from mid-day losses as last-hour buying boosted sentiment. The Sensex surged by 320 points, while the Nifty closed above the 24,800 level at 24,833.60, up 81.15 points.
Markets had initially traded higher, following positive cues from Asian markets and Wall Street futures. However, earlier gains were trimmed, with both the Nifty and Sensex falling below their intraday highs. The Sensex dropped more than 700 points from its peak, and the Nifty slipped below 24,700 at one point.
Global Financial Markets And India’s Market Impact Remains Mixed
Global investor sentiment was boosted by a US trade court's decision that prevented President Trump's across-the-board tariffs on US trading partners' imports as illegal. This ruling enhanced market mood and curbed demand for usual safe-haven instruments such as bonds and gold.
Asian markets and Wall Street futures rallied after the ruling. European stocks also advanced, with Germany's DAX 40 rising towards new highs. Strong earnings numbers from Nvidia also added to optimism in tech stocks across the world.
While the global boost was minimal in India, the US tariff ruling had little effect, with markets experiencing selling pressure due to May expiry dynamics.
Sectoral Performance
Metal stocks rallied and topped out in the session. Realty stocks also moved in the green. Major small-cap and mid-cap indices gained about 0.5% each, registering strength despite volatility in the market.
Bank and FMCG shares were in the red. Sectoral analysis of March quarter numbers revealed subdued single-digit net profit expansion of banking and IT sector, compared to strong double-digit growth in the pharma sector.
Key Movers
IndusInd Bank stocks were in the limelight after a SEBI ban on five of its previous top brass, including the former CEO, in an insider trading case. IndusInd Bank stocks increased 3% despite this news.
Welspun Corp shares surged 11% to a new high after the Q4 net profit zoomed more than 143% year-on-year to Rs 699.19 crore. Gross debt was also reduced and the order book stood at Rs 19,500 crore.
IRCTC shares were in limelight, climbing 3% after its Q4 net profit rose 26% year-on-year to Rs 358 crore.
SAIL shares too were on the radar, recording an 11% YoY Q4 net profit.
Avanti Feeds shares climbed 8% after posting a healthy March quarter performance with consolidated net profit rising 39.6% YoY.
Infosys shares gained 2% prior to its dividend record date.
Cummins India shares gained 3-5% following its Q4 results.
Samvardhana Motherson posted a 22.75% YoY fall in Q4 PAT, even as revenue increased 8.34%. The stock was expected prior to its results.
Suzlon Energy fell 3% prior to its Q4 earnings subsequent to a recent rally.
Other Market Developments
In primary market news, the allotment date for Aegis Vopak Terminals' Rs 2,800 crore IPO and The Leela (Schloss Bangalore) Rs 3,500 crore IPO would be finalized. Unified Data-Tech Solutions listed on the BSE SME exchange at a 4% premium following its IPO issue, which was subscribed more than 91 times. 3B Films' Rs 33.75 crore issue would open on May 30.
RBI's balance sheet increased 8.2% to Rs 76.25 lakh crore in FY25, with excess increasing 27.37%, improving the government dividend. Circulation of e-rupee touched Rs 1,000 crore as of March 2025, with RBI making cross-border CBDC trials.
For the overall economy, the RBI, in its annual report, said that India will continue to be the fastest-growing large economy in FY26, backed by consumption recovery and robust balance sheets. Relief from supply chain stress, declining commodity prices, and increased agricultural production are expected to be supportive for the FY26 inflation scenario. Tariff measures, however, could usher in volatility and exports might be challenged. The RBI's monetary policy direction is viewed as being required to be growth-friendly.
Indian equity indices presented a mixed trend, indicating subdued investor mood in the wake of continuous global events. The Sensex was trading at around 81,295 by 12:30 PM IST, down slightly by 0.01%, while the Nifty 50 decreased marginally to 24,732, down by 0.08%.
The IT industry is at the forefront of the gains, with the Nifty IT index increasing by 0.81%. This is on the back of consistent performances by leading firms such as Infosys and LTI Mindtree.
The banking sector, on the other hand, is lagging behind. The Nifty Bank index has fallen by 0.31%, with HDFC Bank and Kotak Mahindra Bank being some of the stocks that are coming under selling pressure from investors.
On the international front, optimism has been generated after a U.S. trade court agreed to hold off on implementing most of President Trump's suggested tariffs. This has offered early support to Indian equities, enhancing market confidence.
Top 5 Gainers in the Market
- Opening Price: ₹224.50
- Current Market Price (LTP): 227.86
- Percentage Change: 1.64
The broader Indian IT sector is rallying today due to positive sentiment from a US federal court blocking Trump tariffs and strong Nvidia earnings, which may be lifting sentiment for most tech-related stocks.
- Opening Price: ₹1675
- Current Market Price (LTP): 1689
- Percentage Change: 1.36%
Sun Pharmaceutical Industries (SUNPHARMA) is trading higher today, with a 1.36% gain as of late morning, likely due to positive sector sentiment or technical buying after recent consolidation, though no major company-specific news has been reported. The stock price is currently within its recent trading range, reflecting steady investor interest.
- Opening Price: ₹805.15
- Current Market Price (LTP): 814.95
- Percentage Change: 1.22%
IndusInd Bank (INDUSINDBK) is up today as the stock recovered from early volatility after SEBI banned its former CEO and four executives from the securities market for insider trading, with investors seeing the regulatory action as a step toward resolving uncertainty.The modest gains also reflect broader market sentiment and technical buying after recent declines.
- Opening Price: ₹249.65
- Current Market Price (LTP): 250.15
- Percentage Change: 1.10%
Wipro shares are trading higher today, supported by a broader rally in IT stocks following a U.S. federal court's decision to block most of the Trump-era tariffs, which has improved global market sentiment.
- Opening Price: ₹162.19
- Current Market Price (LTP): 162.86
- Percentage Change: 1.00%
Tata Steel shares are trading higher today due to improved investor sentiment following a U.S. trade court ruling that blocked most of the Trump-era tariffs, boosting global markets and metal stocks
Top 5 Losers in the Market
- Opening Price: ₹291.75
- Current Market Price (LTP): ₹287
- Percentage Change: -1.15%
Jio Financial Services (JIOFIN) is in the red today likely due to profit booking after recent gains and intraday selling pressure, as reflected by its decline of about -1.15% despite opening higher. There is no major negative news reported, so the dip appears to be a normal market correction within its trading range.
- Opening Price: ₹391.55
- Current Market Price (LTP): ₹386.70
- Percentage Change: -0.96
Bharat Electronics Ltd (BEL) is down possibly due to mild profit-booking after a recent sharp rally and expiry day volatility in the broader market.
- Opening Price: ₹9250.00
- Current Market Price (LTP): ₹9198
- Percentage Change: -0.75
Bajaj Finance shares are trading lower today, likely due to profit booking ahead of the ex-dividend date on May 30, 2025, as investors adjust positions following the company's ₹44 per share final dividend announcement.
- Opening Price: ₹1928
- Current Market Price (LTP): ₹1909
- Percentage Change: -0.73
HDFC Bank shares are trading lower today after it was reported today that it is facing regulatory scrutiny in the UAE over alleged mis-selling of high-risk Credit Suisse bonds, which has raised investor concerns about compliance and reputational risks.
- Opening Price: ₹2077.30
- Current Market Price (LTP): ₹2060.60
- Percentage Change: -0.66
Kotak Mahindra Bank shares are in the negative today due to lingering investor concerns over the Reserve Bank of India's restrictions on digital customer onboarding and credit card issuance, as well as recent leadership changes and mixed earnings performance
Markets Open Higher Amid Global Optimism; Nifty Nears 24,900 Ahead of Monthly Expiry
Indian equity benchmarks opened firmly in the green on Thursday, May 29, buoyed by strong global cues and easing geopolitical anxieties. The Nifty 50 index edged closer to the 24,900 mark, gaining 131 points or 0.53%, while the Sensex rallied 479 points, or 0.59%, to trade at 81,791 in early deals. The positive sentiment comes ahead of the monthly derivatives expiry for the Nifty 50 contracts, which is expected to inject volatility into the day’s trade.
As of 9.42am, Sensex was up by about 175 points or 0.20%, trading close to 81,500, whereas Nifty50 Index is up 50 points, trading just above the 24,800 mark.
All Eyes on Nifty Expiry; Analysts Advise Caution
Despite Thursday’s buoyancy, traders remain cautious ahead of the expiry. The Nifty closed flat at 24,750 in Wednesday’s session, which was sandwiched between the weekly and monthly derivative expiries. Analysts continue to recommend a stock-specific approach until a clear directional trend emerges on the benchmark index.
Earnings on Radar: IRCTC, SAIL, Bajaj Auto, Suzlon, Motherson, Mazagon Dock
Several stocks are likely to be in focus today following their earnings announcements. IRCTC reported a strong 26.1% year-on-year growth in net profit to ₹358 crore in Q4 FY25, with revenue from operations rising 10% to ₹1,268 crore. SAIL posted a consolidated net profit of ₹1,251 crore, up 11.1% YoY. In contrast, Bata India reported a weak quarter with profits slipping nearly 28% to ₹45.92 crore.
Investors will also closely watch Bajaj Auto, Suzlon Energy, Samvardhana Motherson, and Mazagon Dock Shipbuilders as they announce their Q4 numbers during the day.
IPO Tracker: Unified Data-Tech Lists Today; Several SME Issues in Play
On the primary market front, Unified Data-Tech’s mainboard IPO is slated to list today. Meanwhile, subscriptions continue for several SME IPOs, including N R Vandana, Nikita Papers, and Astonea Labs. Aegis Vopak Terminals and Schloss Bangalore are in the allotment phase.
Corporate Headlines: Leadership Changes and Regulatory Action
In corporate developments, the Securities and Exchange Board of India (SEBI) has barred former IndusInd Bank CEO Sumant Kathpalia and four others from securities trading, citing allegations of insider trading related to an accounting discrepancy of ₹3,000 crore.
Tata Chemicals announced that N. Chandrasekaran will step down as chairman and director from May 29. S. Padmanabhan will take over as chairman from May 30. Separately, IndiGo has appointed Vikram Singh Mehta as its new board chairman, succeeding Venkataramani Sumantran.
Sector Check: IT, Metals Lead Gains; Broader Indices in the Green
All major sectoral indices were trading in positive territory during morning hours. The Nifty IT index rose 1.1%, supported by gains in Infosys, Tech Mahindra, HCL Tech, and TCS. The Nifty Metal index advanced 0.9%, while the Private Bank index was up 0.5%. Broader markets also participated in the uptrend, with the Nifty Midcap and Smallcap indices gaining 0.43% and 0.60%, respectively.
US Court Blocks Trump Tariffs, Sparks Global Rally
Investor mood turned upbeat after a U.S. federal court struck down former President Donald Trump’s reciprocal tariffs, declaring them unlawful under the 1977 International Emergency Economic Powers Act. The verdict, delivered by a three-judge panel at the U.S. Court of International Trade, ruled that Trump exceeded his executive powers in imposing sweeping duties. Wall Street futures surged in response, with Nasdaq 100 futures jumping 1.76%, the S&P 500 rising 1.44%, and the Dow Jones up over 480 points. Adding to the risk-on tone, chip giant Nvidia reported earnings that comfortably beat market expectations, further supporting the rally in global equities.
Asia Rallies as Global Sentiment Turns Risk-On
In Asia, most markets opened strong. South Korea’s Kospi jumped 1.76% after the Bank of Korea cut its benchmark rate from 2.75% to 2.5%, its lowest since August 2022. Japan’s Nikkei 225 rose 1.63%, while Hong Kong’s Hang Seng gained 0.84%. Australia’s ASX 200 edged 0.31% higher.
Currency Watch: Rupee Opens Lower Against Dollar
The Indian rupee opened 16 paise lower at 85.53 against the U.S. dollar as the greenback strengthened globally. The dollar index rose to 100.228, up from 99.875 in the previous session, following the tariff ruling and improved U.S. economic outlook.
Gold Slips as Risk Appetite Improves; Oil Inches Up on Supply Hopes
Gold prices declined in early domestic trade, with MCX Gold June contracts down 0.52% at ₹94,779 per 10 grams, as investors shifted away from safe-haven assets. Meanwhile, crude oil prices edged higher amid expectations that OPEC+ may keep July production steady. Brent crude futures traded at $65.55 per barrel, up 1%, while WTI was at $62.51, up 1.1%. A sharp drawdown in U.S. inventories and geopolitical tensions in Ukraine supported the uptrend.
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