Media shares witnessed buying demand for the fourth consecutive trading session.

At 12:25 IST, the barometer index, the S&P BSE Sensex, jumped 2,218.21 points or 2.80% to 81,679.50. The Nifty 50 index gained 691.95 points or 2.88% to 24,699.95.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index advanced 3.05% and the S&P BSE Small-Cap index gained 3.74%.

The market breadth was strong. On the BSE, 3,446 shares rose and 488 shares fell. A total of 166 shares were unchanged.

IMD Monsoon Forecast:

The India Meteorological Department (IMD) has announced that the southwest monsoon is expected to hit Kerala on May 27, earlier than the usual June 1 onset. If it does, this would mark the earliest monsoon arrival since 2009. Kerala’s onset signals the official start of the monsoon season across India, which typically covers the country by July 8 and retreats between September 17 and October 15.

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.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 16.31% to 18.10. The Nifty 29 May 2025 futures were trading at 24,800, at a premium of 100.05 points as compared with the spot at 24,699.95.

The Nifty option chain for the 29 May 2025 expiry showed a maximum call OI of 41.8 lakh contracts at the 24,500 strike price. A maximum put OI of 64.3 lakh contracts was seen at a 24,000 strike price.

Buzzing Index:

The Nifty Media index rallied 3.36% to 1,593. The index jumped 5.64% in the four trading sessions.

Hathway Cable & Datacom (up 6.84%), Network 18 Media & Investments (up 4.8%), Tips Music (up 4.29%), PVR Inox (up 4.08%), Nazara Technologies (up 3.82%), Zee Entertainment Enterprises (up 2.63%), Sun TV Network (up 2.51%), Dish TV India (up 2.24%), D B Corp (up 2.04%) and Saregama India (up 1.47%) surged.

Stocks in Spotlight:

Navin Fluorine International shed 0.83%. The company's consolidated net profit jumped 34.95% to Rs 94.98 crore in Q4 FY25, compared with Rs 70.38 crore in Q4 FY24. Revenue from operations rallied 16.44% year on year to Rs 700.94 crore in Q4 FY25, compared with Rs 601.95 crore in Q4 FY24.

K.P.R. Mill declined 8.97% after the company’s consolidated net profit fell 4.24% to Rs 204.55 crore in Q4 FY25 as compared with Rs 213.61 crore in Q4 FY24. Revenue from operations increased 4.61% year on year (YoY) to Rs 1,700.95 crore during the quarter ended 31st March 2025.

Manappuram Finance rose 1.15% after the company announced that its board of directors has approved the appointment of Deepak Reddy as the chief executive officer (CEO) of the company, effective from 1 August 2025.