SENSEX SKYROCKETS 1,578 PTS AT OPEN; BREADTH STRONG

The key equity benchmarks traded with major gains in early trade. The Nifty traded near the 23,300 level. All the sectoral indices on the NSE traded in the green, with realty, auto and metal shares gaining the most.

At 09:30 IST, the barometer index, the S&P BSE Sensex, surged 1,578.83 points or 2.11% to 76,742.15. The Nifty 50 index jumped 467 points or 2.05% to 23,295.55.

In the broader market, the S&P BSE Mid-Cap index advanced 1.63% and the S&P BSE Small-Cap index railled 1.87%.

The market breadth was strong. On the BSE, 2,547 shares rose and 385 shares fell. A total of 148 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,519.03 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 3,759.27 crore in the Indian equity market on 11 April 2025, provisional data showed.

Stocks in Spotlight:

IRCON International 4.04% after the company said that it has received an order worth Rs 127.80 from S&T (Construction), North Western Railway, Indian Railways for the design, manufacture, supply, installation, testing, and commissioning of a microprocessor-based EI system.

Zydus Lifesciences added 1.24% after the company secured final approval from the US Food and Drug Administration (USFDA) to manufacture Jaythari (Deflazacort) tablets in four strengths � 6 mg, 18 mg, 30 mg, and 36 mg.

Sula Vineyards rose 1.78%. The company�s net revenue marginally declined to Rs 132.6 crore in Q4 FY25 as against Rs 131.7 crore posted in Q4 FY24. The winery�s revenue from its own brands declined by 2.9% to Rs 109.6 crore in Q4 FY25, compared to Rs 112.9 crore in the same quarter of the previous fiscal year.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper advanced 1.13% to 6.517 as compared with the previous close of 6.440.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 85.7200, compared with its close of 86.1000 during the previous trading session.

MCX Gold futures for the 5 June 2025 settlement were rose 0.13% to Rs 93,371.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.02% to 99.73.

The United States 10-year bond yield shed 0.41% to 4.346.

In the commodities market, Brent crude for June 2025 settlement shed 12 cents or 0.18% to $ 65 a barrel.

Global Markets:

Most Asian equity indices advanced after U.S. President Donald Trump announced a temporary exemption for smartphones and other electronics from the list of Chinese imports facing steep tariffs. However, investor sentiment remained cautious, as the ongoing trade negotiations between Washington and Beijing continue to generate economic uncertainty.

On Monday, Trump suggested the possibility of extending tariff exemptions to automobiles as well. Nevertheless, the frequent shifts in the administration`s trade stance have created uncertainty around U.S. economic policy, which has dampened investor risk appetite.

U.S. equities recorded two consecutive sessions of gains, supported by the partial tariff relief and renewed bargain buying following weeks of losses. The S&P 500 rose 0.8%, the NASDAQ Composite added 0.6%, and the Dow Jones Industrial Average also advanced 0.8%.

Despite the short-term relief, recent comments from the President indicated that the exemptions for electronics may be temporary. Trump hinted at the potential introduction of separate tariffs targeting the electronics sector, contributing to increased uncertainty about the U.S. economic outlook. The dollar declined to a three-year low amid the lack of policy clarity, and U.S. Treasury yields climbed as investors reduced exposure to government bonds.

Markets also remained wary of the broader implications of the escalating trade conflict. Last week, the U.S. imposed cumulative tariffs of 145% on Chinese imports, prompting retaliatory measures from Beijing, which introduced tariffs amounting to 125% on U.S. goods.

In addition to trade developments, U.S. markets found some support from stronger-than-expected first-quarter earnings from major banks. These results suggested a degree of resilience in corporate performance despite growing macroeconomic headwinds.

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