Nifty above 24,700 level; realty shares rally

The frontline indices traded with modest gains in mid-morning trade, supported by softer-than-expected retail inflation print in both the U.S. and the domestic economy for April. The Nifty hovered above the 24,700 level. Realty shares advanced after retreating in the previous trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, advanced 334.25 points or 0.41% to 81,482.47. The Nifty 50 index jumped 135.30 points or 0.55% to 24,714.35.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 1.09% and the S&P BSE Small-Cap index added 1.34%.

The market breadth was strong. On the BSE, 2,758 shares rose and 933 shares fell. A total of 177 shares were unchanged.

Economy:

India's retail inflation in April fell to 3.16% from 3.34% in March, showed official data released by the Ministry of Statistics and Programme Implementation on Tuesday. Effectively, headline inflation declined 18 basis points in April 2025 compared to March 2025. According to the government, it is the lowest year-on-year inflation since July 2019. The significant decline in headline inflation and food inflation during the month of April 2025 is mainly attributed to the decline in inflation of vegetables, pulses & products, fruits, meat and fish, personal care and effects and cereals and products.

Buzzing Index:

The Nifty Realty index rose 2.04% to 883.95. The index gained 0.72% in the past trading session.

Raymond (up 4.99%), Macrotech Developers (up 3.86%), Prestige Estates Projects (up 2.92%), DLF (up 2.66%), Oberoi Realty (up 1.99%), Sobha (up 1.68%), Brigade Enterprises (up 0.86%), Phoenix Mills (up 0.84%), Godrej Properties (up 0.49%) advanced.

On the other hand, Anant Raj (down 0.09%) edged lower.

Stocks in Spotlight:

VIP Industries declined 3.70% after the company's consolidated net loss widened to Rs 27.36 crore in Q4 FY25 as against a net loss of Rs 23.88 crore reported in Q4 FY24. Revenue from operations declined 4.28% year on year (YoY) to Rs 494.21 crore in the quarter ended 31 March 2025.

Sterling Tools jumped 8.11% after the company announced the signing of a technology licensing agreement with UK-based Advanced Electric Machines (AEM) to manufacture magnet-free motors in India.

Bharti Airtel advanced 0.66%. The telecom major's consolidated net profit soared 432.04% to Rs 11,021.8 crore in Q4 FY25 as against Rs 2,071.6 crore reported in Q4 FY24. Revenue from operations increased 27.33% YoY to Rs 47,876.2 crore in Q4 FY25, driven by strong underlying momentum in India, a rebound in reported currency revenue growth in Africa and full quarter impact of Indus Towers consolidation.

Global Markets:

Asian stocks traded mixed on Wednesday following a rebound in key Wall Street indices, driven by easing U.S.-China trade tensions and lower-than-expected inflation data.

Unemployment in South Korea dropped to 2.9% in April from the previous month, marking its fourth straight month of decline and its lowest point since November 2024. Meanwhile, the seasonally adjusted unemployment rate was 2.7% in April, down from 2.9% in March.

Data from the country's national statistics site revealed that the economically active population grew to 29.74 million people, up 0.6% year on year.

South Korea's labor force participation rate stood at 65.1% in April, up 0.1 percentage points year on year.

On Tuesday, the S&P 500 gained 0.7%, and the NASDAQ Composite advanced 1.6%. In contrast, the Dow Jones Industrial Average declined 0.6%.

The U.S. headline Consumer Price Index (CPI) rose 2.3% year-on-year in April, with a monthly increase of 0.2%. Core CPI, which excludes food and energy prices, also rose 0.2% month-on-month, indicating contained inflationary pressures.

The U.S. and China agreed to temporarily reduce tariffs for 90 days. The U.S. will lower its tariff on Chinese goods from 145% to 30%, while China will reduce its retaliatory tariff from 125% to 10%. Additionally, the U.S. will reduce tariffs on lower-value imports from China.

NVIDIA Corporation shares rose 5.6% after CEO Jensen Huang announced the sale of over 18,000 advanced AI chips to Humain, an artificial intelligence startup backed by Saudi Arabia's Public Investment Fund. The chips will support the development of a 500-megawatt data center in the region. The development may influence investor sentiment towards Asian semiconductor stocks.

Boeing Co. shares gained more than 2% after reports indicated that China has lifted a month-long ban on local airlines accepting deliveries of its aircraft.

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