The key equity indices traded with significant gains in early trade, mirroring the positive global cues. The Nifty traded above the 24,300 level. Barring PSU Bank index all the sectoral indices on the NSE were traded in green with IT, realty and auto shares leading the rally.
At 09:25 IST, the barometer index, the S&P BSE Sensex added 589.09 points or 0.74% to 80,168.23. The Nifty 50 index rose 170.90 points or 0.71% to 24,338.15.
In the broader market, the S&P BSE Mid-Cap index jumped 0.79% and the S&P BSE Small-Cap index advanced 0.73%.
The market breadth was strong. On the BSE, 2,182 shares rose and 623 shares fell. A total of 139 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,290.43 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 885.63 crore in the Indian equity market on 22 April 2025, provisional data showed.
Politics:
Prime Minister Narendra Modi returned to New Delhi on Wednesday morning, cutting short his two-day visit to Saudi Arabia, following a devastating terror attack in Jammu and Kashmir’s Pahalgam.
At least 26 people, including two foreign nationals, were killed in what is being described as one of the deadliest attacks in the region in recent years. The strike occurred around 2:30 PM on Tuesday, when a group of heavily armed terrorists—disguised in military fatigues—opened fire on tourists gathered at Baisaran meadow, a popular scenic spot in Pahalgam.
The rare and brazen assault has sent shockwaves through the nation, with security forces launching a massive operation to track down the perpetrators.
Stocks in Spotlight:
HCL Technologies rallied 6.59%. The company reported 6.2% decline in consolidated net profit to Rs 4,309 crore in Q4 FY25 as compared with Rs 4,594 crore in Q3 FY25. Revenue from operations increased 1.19% QoQ to Rs 30,246 crore in Q4 FY25.
Havells India declined 2.76%. The company consolidated net profit jumped 15.74% to Rs 517 crore in Q4 FY25 as compared with Rs 446.70 crore in Q4 FY24. Revenue from operations increased 20.24% YoY to Rs 6,543.56 crore in Q4 FY25.
Tata Communications rose 0.17%. The company reported 223.91% surge in consolidated net profit to Rs 1,040.34 crore in Q4 FY25 as against Rs 321.18 crore posted in Q4 FY24. Income from operations rose 6.11% YoY to Rs 5,990.35 crore in the quarter ended 31 March 2025.
Numbers to Track:
The yield on India's 10-year benchmark federal paper advanced 1.26% to 6.406 as compared with the previous close of 6.422.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 85.2875, compared with its close of 85.1925 during the previous trading session.
MCX Gold futures for the 5 June 2025 settlement were fell 1.40% to Rs 95.989.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.32% to 99.30.
The United States 10-year bond yield fell 0.91% to 4.349.
In the commodities market, Brent crude for June 2025 settlement advanced 44 cents or 0.65% to $67.88 a barrel.
Global Market:
Dow Jones futures leapt 414 points early Wednesday, setting the stage for a robust Wall Street open.
Asian markets advanced, buoyed by optimism following a strong U.S. session. The cheer stems from growing hopes that U.S.-China trade tensions might be cooling off. President Trump hinted that upcoming tariffs on Chinese exports “won’t be anywhere near as high as 145%,” though he quickly added, “they won’t be 0% either.”
In a separate comment, Trump confirmed he has “no intention” of firing Fed Chair Jerome Powell before his term ends. That assurance calmed fears about potential political meddling in central bank affairs.
Back in Japan, the manufacturing scene remains in the doldrums. The au Jibun Bank manufacturing PMI for April ticked up to 48.5 from 48.4 in March. With a sub-50 reading, it still marks the tenth straight month of contraction.
Back in the U.S., stocks rallied hard on Tuesday. Trump’s toned-down rhetoric about Powell helped ease investor anxiety. The S&P 500 spiked 2.5%, the NASDAQ surged 2.7%, and the Dow soared 2.7%, as traders hit the “buy” button across the board.
Tesla zoomed up 5.1% in after-hours trading, despite missing revenue and profit estimates for the March quarter. Elon Musk declared he’ll dial back his government engagements and shift focus squarely back to Tesla from May.