Nifty trades tad above 24,350; European mrkt opens higher

The frontline indices traded with modest gains in the afternoon trade, driven by renewed global optimism and rising expectations of a potential trade agreement between the United States and India. The Nifty traded tad above the 24,350 mark. Oil & gas, IT and media shares advanced, while consumer durables, pharma and realty shares declined.

At 13:30 IST, the barometer index, the S&P BSE Sensex, surged 291.32 points or 0.37% to 80,540.63. The Nifty 50 index rose 33.50 points or 0.12% to 24,351.25.

In the broader market, the S&P BSE Mid-Cap index shed 0.27% and the S&P BSE Small-Cap index added 0.14%.

The market breadth was negative. On the BSE, 1,821 shares rose and 1,989 shares fell. A total of 168 shares were unchanged.

Economy:

India's Goods and Services Tax (GST) collection spiked 12.6% Y-o-Y to an all-time high of about Rs 2.37 lakh crore in April. The GST collection was Rs 2.10 lakh crore in April 2024 -- the second highest collection ever since the roll-out of the indirect tax regime on July 1, 2017. In March 2025, the collection was Rs 1.96 lakh crore, thereby leading to an around 20% surge in tax collection on a monthly basis.

The HSBC India Manufacturing PMI edged up to 58.2 in April 2025 from 58.1 in March, slightly below the flash estimate of 58.4, marking the strongest sector improvement in ten months. Output grew at the fastest pace since June 2024, driven by robust domestic and foreign demand. Similarly, international orders recorded their second-steepest rise since March 2011, boosting sales and supporting solid job creation. Purchasing activity surged alongside new orders, lifting input inventories to an eight-month high, while post-production stocks fell at the fastest pace in nearly three and a half years. Backlogs increased slightly, and vendor delivery times shortened marginally. In terms of prices, output charges rose at the fastest rate since October 2013, even as input cost inflation remained moderate, led by higher expenses in building, labor, and raw materials. Lastly, business confidence stayed strong, underpinned by demand strength, marketing efforts, and new client inquiries.

Gainers & Losers:

Adani Ports and Special Economic Zone (up 4.10%), IndusInd Bank (up 1.56%), Bajaj Finance (up 1.30%), Maruti Suzuki India (up 1.51%) and Tata Motors (up 1.02%) were the major Nifty50 gainers.

JSW Steel (down 6.24%), Eicher Motors (down 3.04%), Bajaj Auto (down 2.39%), Hero MotoCorp (down 2.48%) and Nestle India (down 2.40%) were the major Nifty50 losers.

Stocks in Spotlight:

Adani Ports & Special Economic Zone (APSEZ) rallied 4.72% after the company's consolidated net profit jumped 50.02% to Rs 3,023 crore in Q4 FY25 as compared with Rs 2,015 crore in Q4 FY24. Revenue from operations climbed 23.08% to Rs 8488.44 crore during the quarter ended 31st March 2025 as compared with Rs 6896.50 crore in the quarter ended 31st March 2024.

Adani Enterprises added 0.46%. The company's consolidated net profit spiked 753.32% to Rs 3,844.91 crore in Q4 FY25 as against Rs 450.58 crore reported in Q4 FY24. Revenue from operations declined 7.58% to Rs 26,965.86 crore in Q4 FY25 from Rs 29,180.02 crore recorded in the same period a year ago.

Madhav Infra Projects hit an upper circuit of 20% after the company reported consolidated net profit of Rs 12.07 crore in Q4 FY25, steeply higher than Rs 2.63 crore for Q4 FY24. Revenue from operations surged 104.49% year on year to Rs 308.31 crore in the quarter ended 31 March 2025.

TVS Motor Company rose 2.77% after the company's total sales jumped 16% to 443,896 units in April 2025 as against 383,615 units in April 2024.

Escorts Kubota shed 0.80%. The tractor manufacturer announced that its agri-machinery business division sales fell 1.2% to 8,729 units in April 2025 as against 8,839 units sold in April 2024.

Global Markets:

European and Asian stocks traded higher on Friday, as investors assessed a signal that China is seeking trade negotiations with the U.S.

China markets are closed for the Labor Day public holiday.

China said it is evaluating U.S. overtures to initiate trade negotiations, potentially paving the way for the world's two largest economies to start talks to resolve a trade war that has rumbled financial markets and cast a pall on global economic activity.

While assessing the possibility of starting any negotiations, Chinese authorities reiterated Beijing's request for the U.S. to remove all unilateral tariffs. Failure to do so would indicate an outright lack of sincerity from Washington and further compromise mutual trust, a media report said.

U.S. President Donald Trump has slapped tariffs of 145% on imported Chinese goods this year, prompting China to impose retaliatory levies of 125%. So far, both sides have sought to blunt the economic impact of tariffs by granting exemptions on certain critical products.

Overnight stateside, the Dow Jones Industrial Average climbed 83.60 points, or 0.21%, to close at 40,752.96. The S&P 500 gained 0.63% to end at 5,604.14, still slightly below its levels from before President Donald Trump's Liberation Day' tariffs announcement in early April. The Nasdaq Composite increased 1.52% to close at 17,710.74 and wipe out the decline it experienced since April 2.

Stocks on Wall Street received a boost of optimism after Meta Platforms and Microsoft reported strong quarterly results The earnings of the two big tech stocks eased concerns of a slowdown in artificial intelligence-powered developments amid the current macroeconomic uncertainty.

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