Sensex jumps 547 pts; private bank shares advance
At 11:30 IST, the barometer index, the S&P BSE Sensex, jumped 546.54 points or 0.74% to 74,465.30. The Nifty 50 index rose 148.75 points or 0.64% to 23,390.85.
The broader market underperformed the frontline indices. The BSE 150 MidCap Index fell 0.09% and the BSE 250 SmallCap Index shed 0.13%.
The market breadth was negative. On the BSE, 1,894 shares rose and 1,923 shares fell. A total of 222 shares were unchanged.
Buzzing Index:
The Nifty Private Bank index rose 0.84% to 26,773.90. The index added 2.1% in the two consecutive trading sessions.
Kotak Mahindra Bank (up 1.95%), ICICI Bank (up 1.87%), Axis Bank (up 1.33%), HDFC Bank (up 0.12%) rose.
On the other hand, Bandhan Bank (down 1.42%), Yes Bank (down 1.37%) and IndusInd Bank (down 1.04%) edged lower.
Stocks in Spotlight:
Concord Biotech rose 4.97% after the company announced that it has received approval from the US Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Tofacitinib Tablets in 5 mg and 10 mg strengths.
Garden Reach Shipbuilders & Engineers (GRSE) fell 1.36%. The company said the Ministry of Defence has nominated Dr Vijay Namdeorao Zade, Joint Secretary (Naval Systems), as Part-Time Official Director (Government Nominee Director) on its board.
Quality Power Electrical Equipments advanced 1.91% after the company announced the execution of a term sheet to acquire a 100% stake in Winwin Speciality Insulators (WSIL) for an enterprise value of Rs 315 crore.
Global Markets:
Asian markets traded mixed on Wednesday after the U.S. launched self-defense strikes? against Iran, in retaliation for the downing of a helicopter a day earlier.
China's consumer inflation remained unchanged at 1.2% year-on-year in May 2026, slightly below market expectations of 1.3%. Higher transport costs supported non-food inflation, while food prices declined for a second straight month due to lower pork and fresh fruit prices. Core inflation eased to 1.1% from 1.2% in April. On a monthly basis, consumer prices fell 0.1%, compared with expectations of a 0.2% decline.
Meanwhile, China's producer price inflation accelerated to 3.9% year-on-year in May, in line with market estimates and marking the fastest pace since July 2022. The increase was driven by higher commodity and energy prices, supply disruptions linked to the Iran conflict, and Beijing's efforts to curb excess industrial capacity. Producer prices rose 0.5% month-on-month, slower than April's 1.7% increase, while PPI advanced 1.0% during the first five months of 2026.
Tensions in the Middle East ramped up again on Tuesday evening, after U.S. forces launched strikes against Iran ?in response to yesterday?s downing of a U.S. Army Apache helicopter,? U.S. Central Command said.
President Donald Trump had earlier accused Iran of shooting down the helicopter, which he said was patrolling over the Strait of Hormuz.
Iran has not directly claimed responsibility for shooting down the helicopter. However, this latest development threatens the fragile ceasefire between the U.S. and Iran and could hinder progress toward a peace deal.
Overnight on Wall Street, the S&P 500 and Nasdaq Composite dropped on Tuesday, even as oil prices pulled back, as a surge in chip stocks lost momentum after a one-day rally.
The broad market index fell 0.26% to close at 7,386.65, while the Nasdaq Composite moved down 0.97% to 25,678.82. The Dow Jones Industrial Average gained 86.10 points, or 0.17%, to end at 50,872.11.
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