Indices turn rangebound; metal shares shine

The domestic equity indices traded in narrow range with moderate gains in mid-afternoon trade, supported by U.S. President Donald Trump initially issuing and then softening threats of increased tariffs on European imports over the weekend and by the Reserve Bank of India's decision to pay Rs 2.68 lakh crore as a dividend to the central government for FY25. Investors will closely monitor global trade developments and the upcoming Q4 results of the companies across various sectors. The Nifty hovered above the 24,950 mark.

Metal shares rallied for second consecutive trading session.

At 14:26 IST, the barometer index, the S&P BSE Sensex, added 401.24 points or 0.49% to 82,114.61. The Nifty 50 index advanced 122.55 points or 0.51% to 24,980.45.

In the broader market, the S&P BSE Mid-Cap index added 0.49% and the S&P BSE Small-Cap index jumped 0.49%.

The market breadth was positive. On the BSE, 2,230 shares rose and 1,739 shares fell. A total of 209 shares were unchanged.

Economy:

The Reserve Bank of India (RBI) on Friday handed the government a whopping Rs 2.68 lakh crore in surplus for FY25, 27% more than last year and even higher than what the Union Budget had estimated. Analysts suggest that this additional amount could support the government?s objective of reducing the fiscal deficit to 4.4% for the current financial year.

Buzzing Index:

The Nifty Metal index rose 0.96% to 9,338.30. The index gained 1.73% in the two consecutive trading sessions.

JSW Steel (up 2.32%), Hindustan Copper (up 2.3%), Hindalco Industries (up 1.78%), Welspun Corp (up 1.7%), Steel Authority of India (up 1.69%), Jindal Stainless (up 1.64%), Vedanta (up 1.24%), Lloyds Metals & Energy (up 1.03%), Hindustan Zinc (up 0.91%) and NMDC (up 0.8%) advanced.

Numbers to Track:

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 85.0800, compared with its close 85.4500 during the previous trading session.

MCX Gold futures for 5 June 2025 settlement fell 0.70% to Rs 95,533.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.14% to 98.97.

The United States 10-year bond yield advanced 1.06% to 4.546.

In the commodities market, Brent crude for July 2025 settlement added 49 cents or 0.76% to $65.27 a barrel.

Stocks in Spotlight:

Godavari Biorefineries hit an upper circuit of 20% at Rs 227.80 after the company?s consolidated net profit rallied 10.37% to Rs 71.93 for the quarter ended 31 March 2025, compared to Rs 65.17 crore in the corresponding period last year.

MM Forgings declined 3.58% after the company?s consolidated net profit fell 10.14% to Rs 33.29 crore in Q4 FY25 as against Rs 37.05 crore in Q4 FY24. Revenue from operations slipped 6.85% year on year (YoY) to Rs 369.64 crore in the quarter ended 31 March 2025.

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