Indices trade higher; metal shares shine

The key equity indices traded with decent gains in mid-afternoon trade, as investor sentiment remained positive ahead of the upcoming RBI policy meeting. However, market participants will closely track domestic bond markets, Brent crude trends, and global trade cues. The Nifty traded above the 24,600 level.

Metal shares jumped after declining in the past three consecutive trading sessions.

At 14:25 IST, the barometer index, the S&P BSE Sensex, advanced 275.80 points or 0.34% to 81,022.22. The Nifty 50 index added 75.90 points or 0.31% to 24,618.80.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.57% and the S&P BSE Small-Cap index added 0.65%.

The market breadth was positive. On the BSE, 2,112 shares rose and 1,813 shares fell. A total of 168 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 5.11% to 15.71.

The Reserve Bank of India commenced its monetary policy meeting today, 4 June 2025, which will conclude on 6 June 2025. The meeting is being chaired by Governor Sanjay Malhotra. With inflation showing signs of moderation, market participants are speculating on the possibility of a rate cut.

Economy:

The seasonally adjusted HSBC India Services PMI Business Activity Index rose to 58.8 in May from 58.7 in April 2025. Growth was reportedly underpinned by healthy demand conditions, new client wins, and greater staffing capacity.

The HSBC India Composite PMI Output Index came in at 59.3 in May, down only marginally from 59.7 in April. The downward movement in the headline index reflected softer growth of factory production, as services activity rose at a quicker pace.

Buzzing Index:

The Nifty Metal index added 0.37% to 9,155.70. The index declined 2.45% in the past three trading sessions.

APL Apollo Tubes (up 3.74%), Steel Authority of India (up 1.15%), Hindalco Industries (up 1.08%), Jindal Steel & Power (up 0.88%), Tata Steel (up 0.83%), Vedanta (up 0.71%), National Aluminium Company (up 0.66%), Coal India (up 0.46%) and JSW Steel (up 0.03%) advanced.

Numbers to Track:

The yield on India's 10-year benchmark federal paper added 0.13% to 6.214 from previous close of 6.206.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 85.9100 compared with its close of 85.6125 during the previous trading session.

MCX Gold futures for 5 August 2025 settlement jumped 0.42% to Rs 98,126.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.20% to 99.05.

The United States 10-year bond yield rose 0.07% to 4.467.

In the commodities market, Brent crude for August 2025 settlement rose 6 cents or 0.09% to $65.69 a barrel.

Stock in Spotlight:

Sathlokhar Synergys E&C Global rallied 3.33% after the company announced that it has secured two orders worth Rs 64 crore from High Glory Footwear India and MWM Spaces.

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