Barometers trade with modest gains; auto shares rally

The key benchmark indices traded with decent gains in mid-afternoon trade, driven by easing global trade tensions, persistent foreign inflows, and a continued increase in India's foreign exchange reserves, which have increased for the eighth consecutive week. Additionally, Brent crude prices were seen below $60 in today's trading session.

Nifty traded above the 24,450 mark. Auto shares advanced after declining in the past trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, gained 318.17 points or 0.40% to 80,820.16. The Nifty 50 index rose 120.80 points or 0.50% to 24,467.50.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index jumped 1.35% and the S&P BSE Small-Cap index rallied 1%.

The market breadth was strong. On the BSE, 2,466 shares rose and 1,476 shares fell. A total of 192 shares were unchanged.

Economy:

India's foreign exchange reserves (Forex) rose by USD 1.983 billion to USD 688.129 billion in the week that ended on April 25, extending gains for the eighth straight week, official data released by the Reserve Bank of India (RBI) this week showed.

The RBI data shows that foreign currency assets (FCAs) witnessed an uptick of USD 2.168 billion, reaching USD 580.663 billion.

In the reported week, the gold reserves with the RBI declined by USD 207 million, standing at USD 84.365 billion.

The Special Drawing Rights (SDRs), which are kept with the International Monetary Fund (IMF), witnessed a rise reaching USD 18.589 billion, up USD 21 million in the reporting week.

India's foreign exchange reserves rose USD 8.310 billion to USD 686.145 billion in the week that ended on April 18.

Buzzing Index:

The Nifty Auto Index rallied 1.71% to 22,667.20. The index shed 0.10% in the previous trading session.

Bosch (up 3.25%), Samvardhana Motherson International (up 3.17%), Mahindra & Mahindra (up 2.89%), Exide Industries (up 2.83%), TVS Motor Company (up 2.49%), Tube Investments of India (up 2.37%), Ashok Leyland (up 1.89%), Tata Motors (up 1.71%), Bajaj Auto (up 1.47%) and Hero MotoCorp (up 1.43%) advanced.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 1.29% to 6.432 as compared with previous close 6.350.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 84.2725, compared with its close of 84.5700 during the previous trading session.

MCX Gold futures for 5 June 2025 settlement added 1.04% to Rs 93,586.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.28% to 99.550.

The United States 10-year bond yield shed 0.16% to 4.313.

In the commodities market, Brent crude for July 2025 settlement dropped $1.06 or 1.73% to $60.23 a barrel.

Stocks in Spotlight:

Mahindra & Mahindra advanced 2.67% after the auto major's standalone net profit surged 21.85% to Rs 2,437.14 crore in Q4 FY25 as against Rs 2,000.07 crore recorded in Q4 FY24. Revenue from operations increased 24.50% year on year (YoY) to Rs 31,353.40 crore in the quarter ended 31 March 2025.

Adani Ports & Special Economic Zone (APSEZ) jumped 6.87% after the company handled 375 MMT of total cargo volumes during the April 2025, which is higher 4% on a year on year (YoY) basis.

Indian Bank rallied 4.26% after the company's consolidated net profit jumped 31.56% to Rs 2,956.07 crore on a 10.14% increase in total income to Rs 18,599.16 crore in Q4 FY25 over Q4 FY24.

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