Nifty trades tad above 25,400 level; oil & gas shares in demand

The frontline indices traded with major gains in the afternoon trade, supported by optimism over the Iran-Israel ceasefire. Positive global cues from Asian markets and institutional activity influenced market sentiment. The Nifty traded tad above the 25,400 level. Oil & gas, metal and private bank shares advanced, while realty, media and IT shares declined.

At 13:30 IST, the barometer index, the S&P BSE Sensex, jumped 547.04 points or 0.66% to 83,302.55. The Nifty 50 index added 153.20 points or 0.61% to 25,404.80.

In the broader market, the S&P BSE Mid-Cap index rose 0.12% and the S&P BSE Small-Cap index shed 0.07%.

The market breadth was negative. On the BSE, 1,969 shares rose and 1,908 shares fell. A total of 170 shares were unchanged.

Gainers & Losers:

Adani Ports and Special Economic Zone (up 2.48%), Jio Financial Services (up 2.46%), Bajaj Finance (up 2.21%), HDFC Life Insurance Company (up 1.75%) and Shriram Finance (up 1.61%) were the major Nifty50 gainers.

Dr. Reddy's Laboratories (down 1.80%), Tech Mahindra (down 1.65%), Trent (down 1.27%), Hero MotoCorp (down 0.99%) and Mahindra & Mahindra (down 0.78%) were the major Nifty50 Losers.

Stocks in Spotlight:

OM Infra soared 7.07% after the company secured a turnkey contract from NHPC for hydro-mechanical works at India's largest power generation project, the 2880 MW Dibang Project in Arunachal Pradesh.

Ask Automotive added 3.36% after its board approved entering into a joint venture with T.D. Holding GMBH (TDH) to manufacture, market, and sell sunroof control cables and helix cables for passenger vehicles through a joint venture company.

KNR Constructions shed 0.35%. The company announced that its joint venture KNRCL-HCPL has received a letter of acceptance worth Rs 4,800.57 crore for a major coal mining project in Jharkhand.

Global Markets:

European stocks edged higher, while Asian shares traded mixed on Thursday, as investors weighed the Israel-Iran ceasefire, an upcoming U.S. tariff deadline, and fresh remarks from Fed Chair Jerome Powell.

Late Monday, President Trump announced a multi-stage truce between the two nations, urging both sides to hold the line. By Wednesday, the ceasefire seemed to be sticking, just a day after both countries said they had wrapped up a 12-day aerial showdown.

U.S. Secretary of State Marco Rubio claimed Iran is now much further from building a nuclear weapon post-strikes, downplaying intelligence that says the air raids merely bought a few extra months.

Trump, meanwhile, credited the swift U.S. military response for ending the skirmish and said he plans to push Iran to abandon its nuclear ambitions during talks next week.

Back in the U.S., shares ended Wednesday on a subdued note. The S&P 500 hovered near the flatline, closing at 6,092.16 as investors looked for clues on whether it could challenge its all-time high. The Nasdaq inched up 0.31%, while the Dow slipped 0.25%.

Federal Reserve Chair Jerome Powell wrapped up his Capitol Hill testimony, continuing to strike a cautious tone on inflation and trade. While he left the door open for future rate cuts if recent pressures prove short-lived, he avoided committing to any timeline, despite mounting pressure from President Trump.

NVIDIA hit a fresh all-time high after Loop Capital boosted its price target to $250 from $175, pointing to strong and sustained demand for AI chips as artificial intelligence adoption surges.

FedEx shares dropped over 3% after the company issued a weaker-than-expected profit forecast for the current quarter.

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