At 11:25 IST, the barometer index, the S&P BSE Sensex added 615.57 points or 0.76% to 81,817.74. The Nifty 50 index rallied 200.70 points or 0.82% to 24,885.90.

In the broader market, the S&P BSE Mid-Cap index added 0.86% and the S&P BSE Small-Cap index jumped 0.45%.

The market breadth was strong. On the BSE, 2,251 shares rose and 1,423 shares fell. A total of 171 shares were unchanged.

Economy:

India's infrastructure output, which tracks activity across eight sectors and makes up 40% of the country's industrial production, grew at 0.5% annually in April as against 4.6% in March, data from Ministry of Commerce & Industry showed on Tuesday. The Index of eight Core Industries is the measure of combined and individual performance of production of eight core industries: Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity.

India's retail inflation for farm as well as rural workers eased marginally to 3.48% and 3.53%, respectively, in April this year compared to the pace of price hikes for the two categories at 3.73% and 3.86% recorded in March. The All-India Consumer Price Index for Agricultural Labourers (CPI-AL) and Rural Labourers (CPI-RL) increased by 1 point each in April 2025 to stand at 1307 and 1320 points, respectively. The CPI-AL and CPI-RL were 1306 points and 1319 points, respectively, in March.

IPO Update:

The initial public offer of Belrise Industries received bids for 1,87,14,176 shares as against 17,70,58,824 shares on offer, according to stock exchange data at 11:15 IST on 21 May 2025. The issue was subscribed 0.11 times.

The issue opened for bidding on 21 May 2025 and it will close on 23 May 2025. The price band of the IPO is fixed between Rs 85 and 90 per share. An investor can bid for a minimum of 166 equity shares and in multiples thereof.

The initial public offer of Borana Weaves received bids for 5,89,83,891 shares as against 36,89,457 shares on offer, according to stock exchange data at 11:51 IST on 21 May 2025. The issue was subscribed 15.99 times.

The issue opened for bidding on 20 May 2025 and it will close on 22 May 2025. The price band of the IPO is fixed between Rs 205 and 216 per share. An investor can bid for a minimum of 69 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Realty index rallied 2.21% to 943.20. The index declined 1.11% in the past trading session.

Raymond (up 3.88%), Macrotech Developers (up 2.67%), Phoenix Mills (up 2.51%), Oberoi Realty (up 2.25%), DLF (up 1.86%), Prestige Estates Projects (up 1.58%), Godrej Properties (up 1.45%), Anant Raj (up 1.4%) and Sobha (up 0.4%) advanced.

Stocks in Spotlight:

Ircon International added 0.96% after the company has secured a work order worth Rs 253.56 crore from South Western Railway, a division of Indian Railways.

BMW Industries soared 4.19% after the company and its wholly-owned subsidiary, BMW Iron & Steel Industries, bagged an order from Tata Steel totaling Rs 364.69 crore for the conversion of hot rolled (HR) coils into tubes.

Global Markets:

The US Dow Jones index futures were currently down by 139 points, signaling a weak opening for US stocks today.

European markets are expected to open near the flatline on Wednesday, with investors eyeing key earnings reports from M&S, SSE, Currys, and JD Sports. On the data front, U.K. inflation figures for April will also be in focus.

Most Asian shares traded higher on Wednesday. The Bank of Indonesia’s policy decision is expected later in the day. The central bank had cut interest rates in September 2024 and again in January 2025 but has maintained rates at 5.75% since then.

In Japan, trade data for April showed a surprise deficit, as exports were impacted by stronger yen levels and increased U.S. trade tariffs. The country posted a trade deficit of 115.8 billion yen ($800 million), compared to a 559.4 billion yen surplus in March. Exports rose 2% year-on-year, a slowdown from 4% in the previous month. Imports declined 2.2% year-on-year, compared to expectations for a 4.5% drop, and contrasted with a 1.8% increase in the prior month.

In the United States, the three major indices closed lower on Tuesday. The S&P 500 declined 0.39%, the Nasdaq Composite fell 0.38%, and the Dow Jones Industrial Average lost 0.27%, as investor sentiment weakened. The technology sector fell 0.5%, with declines in major companies including Nvidia (-0.9%), AMD, Meta Platforms, Apple, and Microsoft.

Geopolitical tensions weighed on markets following reports that Israel may be planning an attack on Iran’s nuclear facilities. Oil prices rose on concerns over potential conflict in the Middle East.

Additionally, comments from several Federal Reserve officials signaled continued caution regarding economic and trade-related uncertainties. Policymakers indicated that elevated tariffs could contribute to inflation and reiterated a limited scope for near-term interest rate cuts.