Sensex ends 321 pts higher, Nifty ends above 24,800 level; VIX tanks 8.86%
The domestic equity benchmarks ended with moderate gains today, snapping a two-day losing streak, supported by positive cues from broader Asian markets and firm Wall Street futures. Investor sentiment was lifted after a U.S. federal court blocked former President Donald Trumps proposed Liberation Day tariffs. The market was volatile due to the monthly expiry of the Nifty F&O series today.
The Nifty closed above the 24,800 level. Metal, realty, and IT stocks advanced, while PSU bank and FMCG shares declined.
As per provisional closing data, the barometer index, the S&P BSE Sensex, added 320.70 points or 0.39% to 81,633.02. The Nifty 50 index rose 81.15 points or 0.33% to 24,833.60.
In the broader market, the S&P BSE Mid-Cap index rose 0.48% and the S&P BSE Small-Cap index added 0.39%.
The market breadth was positive. On the BSE, 2,036 shares rose and 1,939 shares fell. A total of 136 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slumped 8.86% to 16.42.
Economy:
India's industrial output growth slowed to 2.7% in April, as against the revised growth of 3% in the preceding month of March, according to the data released by the Ministry of Statistics and Programme Implementation. Manufacturing output, which carries the largest weight in the index, advanced 3.4% in April as against 4% in the previous month, while electricity generation increased to 1.1% from 7.5% in March. Mining activity contracted by 0.2% in April from an expansion of 1.2% a month ago.
RBI Annual Report Highlights:
The Reserve Bank of India (RBI), in its annual report, projected that the Indian economy is likely to maintain its position as the fastest-growing major economy in FY2025-26. The optimism is fueled by a pickup in private consumption, robust bank and corporate balance sheets, supportive financial conditions, and a sustained push from the government on capital expenditure.
The central bank also painted a positive inflation outlook for the coming year, citing easing global supply chain pressures, a dip in commodity prices, and the prospect of a strong agricultural output driven by an above-normal southwest monsoon.
However, the RBI cautioned that financial markets may face intermittent volatility, particularly in response to global uncertainties like shifting trade tariff policies and rising geopolitical tensions.
On the financial front, the RBIs balance sheet grew 8.20% year-on-year to Rs 76.25 lakh crore as of 31 March 2025. While income for the year increased by 22.77%, expenditure increased by 7.76%. The year ended with an overall surplus of Rs 2.68 lakh crore as against Rs 2.10 lakh crore in the previous year, resulting in an increase of 27.37%.
The asset side of the balance sheet saw increases in gold reserves, domestic investments, and foreign investments. Domestic assets accounted for 25.73% of total assets, while foreign currency assets, gold, and other holdings made up the remaining 74.27%.
On the liabilities side, the growth was attributed to a rise in currency in circulation, revaluation accounts, and other liabilities by 6.03%, 17.32% and 23.31%, respectively.
IPO Update:
The initial public offer (IPO) of Scoda Tubes received bids for 7,66,36,600 shares as against 1,18,46,169 shares on offer, according to stock exchange data at 15:25 IST on Thursday (29 May 2025). The issue was subscribed 6.47 times.
The issue opened for bidding on Wednesday (28 May 2025) and it will close on Friday (30 May 2025). The price band of the IPO is fixed between Rs 130 and 140 per share. An investor can bid for a minimum of 100 equity shares and in multiples thereof.
The initial public offer (IPO) of Prostarm Info Systems received bids for 98,62,20,388 shares as against 1,12,00,000 shares on offer, according to stock exchange data at 15:25 IST on Thursday (29 May 2025). The issue was subscribed 88.06 times.
The issue opened for bidding on Tuesday (27 May 2025) and it will close on Thursday (29 May 2025). The price band of the IPO is fixed between Rs 223 and 235 per share. An investor can bid for a minimum of 63 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Metal index added 1.21% to 9,351.65. The index shed 0.07% in previous two consecutive trading sessions.
Welspun Corp (up 9.84%), Lloyds Metals & Energy (up 4.29%), Jindal Stainless (up 3.39%), Jindal Steel & Power (up 3.06%), Hindustan Zinc (up 2.71%), NMDC (up 2.05%), Hindustan Copper (up 1.13%), Tata Steel (up 1.08%), Adani Enterprises (up 1.02%) and Vedanta (up 0.91%) added.
On the other hand, APL Apollo Tubes (down 0.46%), Hindalco Industries (down 0.06%), turned lower.
Welspun Corp jumped 9.84% after its consolidated net profit surged 160.09% to Rs 698.31 crore, despite a 12.01% fall in revenue from operations to Rs 3,924.97 crore in Q4 FY25 over Q4 FY24.
Stocks in Spotlight:
Deepak Nitrite jumped 4.75% after the companys consolidated net profit surged 106.35% to Rs 202.41 crore on 14.52% increase in revenue from operations to Rs 2,179.69 crore in Q4 FY25 over Q3 FY25. On year on year (YoY) basis, the companys consolidated revenue jumped 2.5%, while net profit declined 20.3% in Q4 FY25.
Birlasoft shed 0.48%. The company reported a 4.42% increase in consolidated net profit to Rs 122.11 crore in Q4 FY25, up from Rs 116.94 crore in Q3 FY25. However, revenue from operations decreased 3.36% quarter-on-quarter (QoQ) to Rs 1,316.89 crore in Q4 FY25.
Cummins India surged 6.60%. The company has reported 7% fall in standalone net profit to Rs 521 crore on a 6% rise in total sales to Rs 2,414 crore in Q4 FY25 as compared with Q4 FY24.
Avanti Feeds rallied 1.53% after the companys consolidated net profit jumped 45.8% to Rs 151.77 crore on 7.9% increase in revenue from operations to Rs 1,385.14 crore in Q4 FY25 over Q4 FY24.
ITCONS E-Solutions rose 0.31%. The company announced it has entered into a three-year service agreement with WE WIN to provide manpower services.
Insecticides (India) surged 3.08% after the company's consolidated net profit soared 85% to Rs 13.89 crore, while revenue from operations rose 32% to Rs 358.92 crore in Q4 March 2025 over Q4 March 2024.
Waaree Energies surged 8.29% after the company announced that its wholly owned subsidiary, Waaree Solar Americas, has secured an order worth $176 million from a prominent U.S.-based client.
Sandur Manganese & Iron Ores tanked 10.55% after the companys consolidated net profit fell 4.52% to Rs 156.21 crore, despite a 139.46% surge in revenue from operations to Rs 1,321.27 crore in Q4 March 2025 over Q4 March 2024.
Jyoti Structures dropped 6.94% after the company's consolidated net profit fell 15.51% to Rs 11.93 crore, while revenue from operations rose 27.71% to Rs 164.69 crore in Q4 March 2025 over Q4 March 2024.
Global Markets:
US Dow Jones futures jumped 389 points early Thursday, signaling a strong start for Wall Street.
European shares advanced while Asian stocks ended higher on Thursday after a U.S. federal trade court ruled that President Donald Trump exceeded his authority with his reciprocal tariffs, dealing a blow to a major tenet of the presidents economic agenda. The court ruled that Trump had overstepped his authority by imposing tariffs on over 180 countries and territories back in April.
The decision came from a three-judge panel at the US Court of International Trade. They found that the 1977 International Emergency Economic Powers Act (IEEPA), the legal crutch Trump leaned on, didn't give the president free rein to roll out such broad trade measures. The court issued a permanent halt to the tariffs named in the case and blocked any future tweaks. The Trump administration now has 10 days to make the necessary changes but has already appealed the decision to the US Court of Appeals for the Federal Circuit.
Meanwhile, South Korea's central bank, the Bank of Korea, cut its benchmark interest rate from 2.75% to 2.5%, marking its lowest level since August 2022.
Investors in Asia are also keeping a close watch on chipmakers after Nvidias strong earnings. The GPU giant beat expectations on both top and bottom lines, driven by a 73% year-over-year surge in its data center business.
Back in the US, stock markets closed lower on Wednesday. The S&P 500 dipped 0.56%, the Nasdaq fell 0.51%, and the Dow Jones lost 0.58% as investors digested earnings and the latest Fed minutes.
Speaking of which, the Feds May 6-7 meeting minutes hinted at a looming policy dilemma. Officials acknowledged that they may soon face some tough calls if inflation and unemployment start rising together. The Fed might be forced to choose between fighting inflation with higher rates or supporting growth and jobs by cutting them.
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