Sensex surges 639 pts, Nifty tops 24,050 as easing tensions lift sentiment

Domestic equity benchmarks snapped a three-day losing streak on Monday, ending sharply higher as sentiment improved on easing geopolitical concerns and steady Q4 earnings updates. Reports that Iran had proposed a plan to the United States to reopen the Strait of Hormuz helped calm fears of supply disruptions, lifting global cues and investor confidence. The Nifty 50 settled above the 24,050 mark, led by gains in pharma and consumer durables stocks, while all sectoral indices on the NSE closed in the green.

The S&P BSE Sensex jumped 639.42 points or 0.63% to 77,303.63. The Nifty 50 index advanced 194.75 points or 0.81% to 24,092.70. In the previous three sessions, the Sensex and Nifty declined 3.29% and 2.76%, respectively.

Sun Pharmaceutical Industries (up 7.03%), Reliance Industries (up 2.88%) and HDFC Bank (up 0.64%) boosted the indices today.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index jumped 1.38% and the BSE 250 SmallCap Index surged 1.98%.

The market breadth was strong. On the BSE, 3,075 shares rose and 1,288 shares fell. A total of 208 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 6.77% to 18.38.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.27% to 6.952 compared with previous session close of 6.933.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 94.1400 compared with its close of 94.1600 during the previous trading session.

MCX Gold futures for 5 June 2026 settlement fell 0.43% to Rs 152,050.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.23% to 98.31.

The United States 10-year bond yield advanced 0.23% to 4.319.

In the commodities market, Brent crude for June 2026 settlement jumped $2.47 or 2.35% to $107.80 a barrel.

Global Market:

European shares advanced on Monday as investors focused on a busy week of central bank decisions, with the U.S. Federal Reserve, European Central Bank and Bank of England all set to announce policy outcomes amid uncertainty over inflation and growth.

The Fed's decision due Wednesday could mark the final meeting under Chair Jerome Powell, with leadership transition expectations in focus. The ECB and BOE will announce their policy decisions on Thursday.

Asian indices ended mixed. Japan and South Korea touched record highs, while gains elsewhere were capped by elevated oil prices and continued uncertainty around U.S.-Iran negotiations.

Geopolitical tensions remained in focus after the U.S. called off a planned diplomatic visit for talks with Iran. Concerns around the Strait of Hormuz persisted following reports of Iranian action near the key shipping route.

In China, industrial profits rose 15.8% YoY in March, the fastest pace in six months, according to official data. For the first quarter, profits increased 15.5%, marking a strong start to the year despite global headwinds.

On Wall Street, the S&P 500 and Nasdaq Composite ended at record highs in the previous session, gaining 0.8% and 1.63%, respectively, supported by optimism around potential diplomatic progress. The Dow Jones Industrial Average, however, declined 0.16%.

Stocks in Spotlight:

Sun Pharmaceutical Industries jumped 7.03% after the company announced the signing of definitive agreement with Organon & Co. for acquiring all outstanding shares of Organon at an enterprise valuation of $11.75 billion.

Reliance Industries advanced 2.88%. The company's consolidated profit after tax including share of profit/(loss) of associates and JVs fell 8.9% YoY to Rs 20,589 crore in Q4 FY26. Profit before tax stood at Rs 27,195 crore, down 6.6% YoY. Gross revenue rose 12.9% YoY to Rs 325,290 crore, supported by robust momentum in its oil-to-chemicals (O2C), digital services and retail businesses. However, the oil and gas segment weighed on overall performance due to a natural decline in KG-D6 gas production.

One MobiKwik Systems soared 10.98% after the company announced that it has received approval from the Reserve Bank of India for its Non-Banking Financial Company (NBFC) licence.

One 97 Communications shed 1.48%. The company said that the board of Paytm Payments Bank (PPBL) has approved the winding-up of PPBL, following the cancellation of its banking licence by the Reserve Bank of India (RBI).

Varun Beverages jumped 5.79% after the company reported a 20.08% jump in consolidated net profit to Rs 872.35 crore in Q1 CY26 as compared with Rs 726.49 crore posted in Q1 CY25. Revenue from operations (excluding excise duty) surged 18.09% YoY to Rs 6,574.19 crore in the first quarter of 2026.

Axis Bank declined 3.05% after reporting a marginal 0.64% decline in standalone net profit to Rs 7,071.31 crore in Q4 FY26, compared with Rs 7,117.50 crore in Q4 FY25. Total income increased 1.90% year on year (YoY) to Rs 38,746.64 crore in Q4 FY26.

The bank has recommended a final dividend of Rs 1 per equity share (50% of face value, Rs 2) for FY26, subject to shareholder approval. The bank's board also approved plans to raise up to Rs 55,000 crore. This includes up to Rs 35,000 crore via debt instruments such as bonds and debentures and up to Rs 20,000 crore through equity issuance, including QIP, ADRs, GDRs or other permissible routes, subject to shareholder and regulatory approvals.

Shriram Finance slipped 3.61%. The company reported a 40.86% year-on-year (YoY) increase in standalone net profit to Rs 3,013.57 crore in Q4 FY26, compared with Rs 2,139.39 crore in the corresponding quarter last year. Total income rose 9.31% YoY to Rs 12,527.91 crore in the quarter ended 31 March 2026.

Meanwhile, the board has recommended a final dividend of Rs 6 per share (300% on a face value of Rs 2 each) for FY26, subject to shareholder approval at the upcoming 47th Annual General Meeting. The board also approved a resource mobilisation plan for FY27, which includes raising funds through debt instruments such as non-convertible debentures (NCDs), subordinated debentures, external commercial borrowings, securitisation, and other borrowing avenues in domestic and international markets.

Further, the board approved the reappointment of Parag Sharma as managing director and CEO for a period of five years, from 13 December 2026 to 12 December 2031, subject to shareholder approval. In addition, Morihiko Fuji and Shinichi Fujinami have been appointed as additional directors in the category of non-executive, non-independent directors with effect from 24 April 2026, representing MUFG Bank.

Mahindra & Mahindra Financial Services surged 7.71% after the company's standalone net profit jumped 55.02% to Rs 872.98 crore in Q4 FY26 as against Rs 536.14 crore reported in Q4 FY25. Total income increased by 13.30% year on year to Rs 4,810.07 crore in the quarter ended 31 March 2026.

The company has recommended a dividend of Rs 7.50 per equity share of face value Rs 2 each (375%) for the financial year ended 31 March 2026. The dividend, if approved by shareholders at the annual general meeting (AGM) scheduled for Tuesday, 21 July 2026, will be paid thereafter through permitted modes to eligible shareholders or their authorized mandates.

L&T Finance shed 0.86%. The company reported a 26.79% rise in consolidated net profit to Rs 806.63 crore on an 18.47% increase in total income to Rs 4,771.10 crore in Q4 FY26 over Q4 FY25. The company has recommended a final dividend of Rs 2.75 per equity share (face value Rs 10) for FY26, subject to shareholder approval at the AGM. The dividend will be paid within 30 days of approval.

IndusInd Bank rallied 6.09% after the bank reported a standalone net profit of Rs 532.71 crore in Q4 FY26, compared with a net loss of Rs 2,235.99 crore in the corresponding quarter last year. The bank's board has recommended a final dividend of Rs 1.50 per equity share (15% on a face value of Rs 10) for FY26, subject to shareholder approval at the upcoming annual general meeting. The record date has been fixed as 26 June 2026.

IDFC FIRST Bank rallied 4.57% after the bank's standalone net profit rose 4.9% to Rs 318.94 crore on 7.73% increase in total income to Rs 12,182.81 crore in Q4 March 2026 over Q4 March 2025. The board recommended a dividend of Rs 0.25 per equity share of face value of Rs 10 each for the Financial Year 2025-26.

Avantel added 1.52% after the company reported a 21.5% year-on-year decline in consolidated net profit to Rs 4.77 crore in Q4 FY26, compared with Rs 6.08 crore in Q4 FY25. Revenue from operations rose 29.6% year-on-year to Rs 63.83 crore in Q4 FY26.

Mangalore Refinery and Petrochemicals (MRPL) declined 7.59% after the company's standalone net profit tumbled 67.1% to Rs 119.36 crore in Q4 FY26 over Q4 FY25. Revenue from operations (excluding net excise duty) slipped 2.6% YoY to 23,949.69 crore in the quarter ended 31st March 2026.

India Cements rallied 7.25% after the company's consolidated net profit surged 305.6% to Rs 59.50 crore on 2.6% increase in revenue from operations to Rs 1,228.85 crore in Q4 FY26 over Q4 FY25.

DCB Bank slipped 1.12%. The company reported a 1.12% rise in net profit to Rs 205.65 crore on an 8.06% increase in total income to Rs 2,118.78 crore in Q4 FY26 over Q4 FY25.

Meanwhile, the bank's board recommended a dividend of Rs 1.45 per equity share of face value Rs 10 each for FY26, subject to shareholders' approval at the ensuing AGM. The record date will be intimated in due course.

Tanla Platforms hit an upper circuit of 20% after the company's consolidated net profit jumped 2.25% to Rs 134.32 crore on 5.04% increase in revenue from operations to Rs 1,177.54 crore in Q4 FY26 over Q3 FY26.

Meanwhile, the company has declared a second interim dividend of Rs 6 per equity share of face value of Re 1 each for FY26. The record date for the dividend payment has been fixed as 30 April 2026.

Supreme Petrochem dropped 5.41%. The company reported a 57.21% YoY rise in standalone net profit to Rs 168.04 crore on a 3.31% increase in revenue from operations to Rs 1,584.63 crore in Q4 FY26 over Q4 FY25.

Meanwhile, the board has recommended a final dividend of Rs 8 per equity share for FY26, subject to shareholders' approval at the AGM. Shareholders on record as of 14 July 2026 will be eligible, and the dividend will be paid on or after 1 August 2026.

Lodha Developers advanced 4.64% after the company reported consolidated net profit jumped 9.2% to Rs 1,008.1 crore on an 11.6% increase in revenue from operations to Rs 4,713.5 crore in Q4 FY26 over Q4 FY25.