At 11:30 IST, the barometer index, the S&P BSE Sensex, jumped 2,360.95 points or 2.97% to 81,815.42. The Nifty 50 index gained 729.25 points or 3.03% to 24,736.55.

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 3.88%.

The market breadth was strong. On the BSE, 3,405 shares rose and 452 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.

Buzzing Index:

The Nifty Metal index jumped 4.07% to 8,763.25. The index declined 2.18% in two consecutive trading sessions.

Adani Enterprises (up 7.36%), Lloyds Metals & Energy (up 6.59%), Hindustan Copper (up 6.05%), Steel Authority of India (up 5.63%), National Aluminium Company (up 4.97%), Hindustan Zinc (up 4.69%), Vedanta (up 4.08%), NMDC (up 4.08%), Welspun Corp (up 3.79%) and Jindal Stainless (up 3.59%) advanced.

Stocks in Spotlight:

Eveready Industries India added 3.49% after the company’s consolidated net profit jumped 29.4% to Rs 10.42 crore on a 6.5% increase in revenue from operations to Rs 299.04 crore in Q4 FY25 over Q4 FY24.

Triveni Turbine surged 9.05% after the company's consolidated net profit jumped 24.14% to Rs 94.60 crore on 17.44% rise in revenue from operations to Rs 538 crore in Q4 FY25 over Q4 FY24.

Aarti Pharmalabs fell 2.35%. The company reported a 35.38% increase in consolidated net profit to Rs 88.34 crore in Q4 FY25 as against Rs 65.25 crore posted in Q4 FY24. Revenue from operations jumped 11.46% YoY to Rs 563.78 crore in the quarter ended 31 March 2025.

Global Markets:

The US Dow Jones index futures were currently up by 463 points, signaling a strong opening for US stocks today.

Asian stocks kicked off the week on a high note, buoyed by fresh optimism that the long-standing U.S.-China trade tensions might finally be easing. Over the weekend, top officials from both countries huddled in Switzerland for high-stakes talks, and early signals suggest progress.

Both Washington and Beijing struck a hopeful tone. U.S. officials hinted at a potential deal to narrow the trade deficit, while Chinese leaders said the two sides had reached an "important consensus"—diplomatic speak for “things went better than expected.”

U.S. Treasury Secretary Scott Bessent called the discussions "a great deal of productivity," and Chinese Vice Premier He Lifeng added that a joint statement—one packed with "good news for the world"—was slated for release on Monday.

This diplomatic thaw follows a red-ink Friday on Wall Street, where the Dow shed 0.29%, the S&P 500 dipped 0.07%, and the Nasdaq barely moved, closing flat at 17,928.92.

Back in D.C., President Trump made headlines of his own. On Sunday, he announced plans to sign what he described as “one of the most consequential executive orders in our country’s history.” The executive order, expected at 9:00 a.m. Monday, aims to slash prescription drug prices by as much as 80%. Trump added that pharma prices could “rise throughout the world” as part of his plan to level the playing field for American consumers.