Benchmarks trade with substantial gains; IT shares in demand

The domestic equity benchmarks traded with major gains in the mid-afternoon trade, driven by robust earnings, growing optimism over a potential early end to the ongoing conflict in the Middle East and other supportive factors that lifted investor sentiment. The Nifty climbed above the 24,150 mark.

At 14:30 ST, the barometer index, the S&P BSE Sensex climbed 644.09 points or 0.84% to 77,536.14. The Nifty 50 index soared 194.65 points or 0.81% to 24,192.30.

In the broader market, the BSE 150 MidCap Index rose 0.06% and the BSE 250 SmallCap Index surged 0.51%.

The market breadth was strong. On the BSE, 2,150 shares rose and 2,013 shares fell. A total of 177 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 3.62% to 17.39.

Buzzing Index:

The Nifty IT index gained 1% to 29,249.15. The index fell 0.68% in the past trading session.

Tech Mahindra (up 3.62%), Infosys (up 1.62%), Tata Consultancy Services (up 0.99%), Oracle Financial Services Software (up 0.91%), Coforge (up 0.47%) and HCL Technologies (up 0.40%).

On the other hand, LTM (down 1.48%), Mphasis (down 1.15%) and Wipro (down 0.35%) edged lower.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.29% to 7.000 compared with previous session close of 6.980.

In the foreign exchange market, the rupee lowered against the dollar. The partially convertible rupee was hovering at 94.8500 compared with its close of 94.6800 during the previous trading session.

MCX Gold futures for 5 June 2026 settlement fell 0.50% to Rs 149,270.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.10% to 98.57.

The United States 10-year bond yield advanced 0.21% to 4.362.

In the commodities market, Brent crude for June 2026 settlement jumped $3.18 or 3.05% to $107.58 a barrel.

Stocks in Spotlight:

Granules India added 0.32%. The company?s consolidated net profit climbed 32.58% to Rs 201.56 crore on 22.81% increase in revenue from operations to Rs 1,470.60 crore in Q4 FY26 over Q4 FY25.

Bajel Projects rallied 3.47% after the company has secured two ultra-mega EPC contracts from an international client for establishing overhead transmission lines in Middle East and North Africa (MENA) Region.

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