The Indian stock market continued to trade on a strong note at this hour, with benchmark indices holding firm gains. The Sensex was up 714 points at 82,156.66, while the Nifty climbed 250 points to stay above the 25,000 mark at 25,001.70.
The bulls took charge of Dalal Street on Friday as investors welcomed the RBI’s 50-bps rate cut with open arms. At 11:48 AM, the Sensex was up 744 points at 82,186.17, while the Nifty surged past the key 25,000 mark, rising 250 points to 25,001.70. Rate-sensitive sectors like auto, realty, and banks led the rally.
Indian equity indices saw a sharp surge as soon as the RBI MPC cut key lending rate by 50 basis points, while changing the stance to ‘Neutral’ from ‘Accommodative’. Also, the rate-sensitive stocks like banking and financial services surged after the lender of resort cut the Cash Reserve Ratio (CRR) to 3% from 4%.
The indices opened Friday’s trading session on a flat note. The NSE Nifty 50 opened 3.80 points, or 0.02%, lower at 24,747, while the BSE Sensex opened 32 points, or 0.04%, lower at 81,410.32.
Bank Nifty opened 32 points or 0.02% lower at 55,728.70. However, outshining the markets, the Nifty Midcap 100 advanced 147 points, or 0.25%, to open at 58,449.
“This Friday morning brings a mix of news for the markets. On the negative side, a public spat between Donald Trump and Elon Musk has turned ugly, with Trump expressing disappointment over Musk’s stance on his tax policy bill, prompting Musk to retaliate on X, saying Trump would have lost the election without him, calling it “such ingratitude.” On the positive side, Trump also stated he had a “very good” call with China’s President Xi,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.
“For Indian equities, the immediate focus shifts to two key events: the RBI policy meeting and the US May jobs report. Market sentiment is buoyed by expectations of a 25-bps repo rate cut, backed by controlled inflation and steady growth. A surprise 50-bps cut could trigger a sharp Nifty rally. Further cheer may come if inflation forecasts are revised downward, suggesting scope for additional easing later in the year,” added Tapse.
Here are key highlights from the early session-
Top performers leading the charge
Among the top gainers on the Nifty 50 were Dr Reddy’s Lab, Coal India, Tata Steel, IndusInd Bank, and Hindalco. The top movers in the Nifty 50 were ITC, Tata Steel, Coal India, Dr Reddy’s Lab, and Hindalco as soon as markets opened.
Stocks in the red
The stocks that remained under pressure included SBI Life Insurance, Apollo Hospitals, Shriram Finance, Tata Motors, and Eicher Motors, which were the laggards in the morning trade.
Trump-Musk alliance falls out
President Donald Trump threatened on Thursday to cut off government contracts with billionaire Elon Musk’s companies, while Musk suggested Trump should be impeached, turning their bromance into an all-out brawl on social media.
Trump-Xi Jinping talks over call
US President Donald Trump and Chinese leader Xi Jinping talked for over 90 minutes long a phone call on Thursday that left key issues to further talks. Xi told Trump to back down from tariffs that roiled the global economy. According to Trump, the talks turned out to be “a very positive conclusion.”