Sensex rallies 597 pts; Nifty trades above 23,350 mark; VIX slides 1.25%
At 13:28 IST, the barometer index, the S&P BSE Sensex, jumped 597.26 points or 0.81% to 74,516.02. The Nifty 50 index rose 153.20 points or 0.66% to 23,395.30.
The broader market underperformed the frontline indices. The BSE 150 MidCap Index fell 0.38% and the BSE 250 SmallCap Index shed 0.32%.
The market breadth was negative. On the BSE, 1,767 shares rose and 2,275 shares fell. A total of 196 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 1.25% to 15.38.
Gainers & Losers:
Hindustan Unilever (up 2.29%), Axis Bank (up 2.19%), Kotak Mahindra Bank (up 2.08%), JSW Steel (up 1.97%) and HDFC Bank (up 1.82%) were the major Nifty50 gainers.
Hindalco Industries (down 2.60%), Coal India (down 1.62%), Tata Steel (down 1.43%), Oil and Natural Gas Corporation (down 1.43%) and Sbi Life Insurance Company (down 1.35%) were the major Nifty50 losers.
Stocks in Spotlight:
Veranda Learning Solutions fell 1.27%. The company has signed a memorandum of understanding (MoU) with Japan-based CPA Excellent Partners (CPAEP) to collaborate on talent development, recruitment and career support for accounting and finance professionals across global markets.
Dixon Technologies (India) rose 0.36%. The company announced a binding term sheet with Gemtek Technology and its subsidiary Dixon Electroconnect to form a joint venture in India.
Global Markets:
European stocks opened marginally higher on Wednesday as markets assessed fresh strikes by the U.S against Iran, ahead of a closely watched U.S. inflation report.
Asian markets traded mixed 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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