The key equity indices traded with major gains in the morning trade after India and Pakistan reached a ceasefire agreement over the weekend, easing geopolitical tensions that had escalated amid days of heavy missile and drone attacks on military targets. The Nifty traded a tad above the 24,700 level. Realty shares advanced after retreating in the past two consecutive trading sessions.
At 10:30 IST, the barometer index, the S&P BSE Sensex, jumped 2,243.14 points or 2.82% to 81,697.61. The Nifty 50 index gained 697.45 points or 2.90% to 24,705.35.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index advanced 3.17% and the S&P BSE Small-Cap index gained 3.80%.
The market breadth was strong. On the BSE, 3,293 shares rose and 406 shares fell. A total of 155 shares were unchanged.
India and Pakistan ceasefire:
Tensions between India and Pakistan took a much-needed breather over the weekend as both nations agreed to a ceasefire following days of escalating the worst the region has seen in nearly three decades. The truce came after a dramatic round of late-night diplomacy led by the United States.
"After a long night of talks mediated by the United States, I am pleased to announce that India and Pakistan have agreed to a FULL AND IMMEDIATE CEASEFIRE," President Donald Trump declared on Saturday.
The ceasefire, while fragile, appeared to be holding steady over the last 24 hours. However, both sides traded accusations of minor violations.
Economy:
India's forex reserves dropped $2.065 billion to $686.064 billion for the week ended May 2, the RBI said on Friday.
For the week ended May 2, foreign currency assets, a major component of the reserves, increased $514 million to $581.177 billion, the data released on Friday showed.
Gold reserves decreased $2.545 million to $81.82 billion during the week, the RBI said.
The special drawing rights were down $30 million to $18.558 billion, the apex bank said.
India's reserve position with the IMF was also down $3 million at $4.509 billion in the reporting week, the apex bank data showed.
Buzzing Index:
The Nifty Realty index jumped 4.92% to 864.30. The index fell 4.78% in past two consecutive trading sessions.
DLF (up 5.99%), Macrotech Developers (up 5.61%), Godrej Properties (up 5.6%), Anant Raj (up 5.11%), Sobha (up 4.9%), Prestige Estates Projects (up 4.89%), Oberoi Realty (up 4.46%), Phoenix Mills (up 2.75%) and Brigade Enterprises (up 1.97%) advanced.
Result Today
Tata Steel (up 3.61%), Bajaj Electricals (up 5.94%), Carborundum Universal (up 3.66%), CARE Ratings (up 3.12%), Chalet Hotels (up 5.52%), DCW (up 4.72%), Garden Reach Shipbuilders & Engineers (up 0.70%), Happiest Minds Technologies (up 4.46%), JM Financial (up 4.55%), Jyothy Labs (up 2.24%), Krishna Institute of Medical Sciences (up 1.89%), Kewal Kiran Clothing (up 4.73%), Krsnaa Diagnostics ( up 4%), Man Industries (India) (up 7.58%), Morepen Laboratories (up 7.50%), PG Electroplast ( up 6.96%), Prudent Corporate Advisory Services (up 5.57%), PVR Inox (up 4.30%), Raymond (up 8.13%), Raymond Lifestyle (up 5.26%), Sagar Cements (up 4.22%), SRF (up 1.52%), UPL(up 1.98%), Venkys (India) (up 1.50%) and Zaggle Prepaid (up 8.06%) will announced their quarterly earnings later today.
Stocks in Spotlight:
Adani Power zoomed 6.30% after the firm said it has secured a contract to supply 1,500 MW of thermal power to Uttar Pradesh at a levelized tariff of Rs 5.383 per unit, emerging as the lowest bidder in a competitive tender process.
Ceinsys Tech was locked in a 5% upper circuit after the company announced that it had received a letter of award (LoA) for a three-year project from the Mumbai Metropolitan Region Development Authority (MMRDA).
Solara Active Pharma Sciences gained 5.61% after the company said that its multi-product manufacturing facility at Ambernath, Maharashtra, has successfully cleared US Food and Drug Administration (USFDA) inspection with zero observations.