The Nifty traded above the 24,800 level. IT, metal and private bank shares advanced while FMCG, realty and PSU bank shares declined. The market could be volatile due to the monthly expiry of the Nifty F&O series today.

At 09:30 IST, the barometer index, the S&P BSE Sensex, rallied 254.63 points or 0.34% to 81,568.10. The Nifty 50 index rose 65.85 points or 0.27% to 24,819.30.

In the broader market, the S&P BSE Mid-Cap index rose 0.27% and the S&P BSE Small-Cap index added 0.37%.

The market breadth was positive. On the BSE, 1,730 shares rose and 1,104 shares fell. A total of 140 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth 4,662.92 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 7,911.99 crore in the Indian equity market on 28 May 2025, provisional data showed.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tanked 4.96% to 17.12.

Stocks in Spotlight:

Deepak Nitrite added 1.59%. The company's consolidated net profit declined 20.3% to Rs 202.41 crore, despite a 2.5% jump in net sales to Rs 2,179.69 crore in Q4 FY25 over Q4 FY24.

Insecticides (India) rallied 5.05% after the company reported 84.7% jump in consolidated net profit to Rs 13.89 crore on 31.7% increase in net sales to Rs 358.92 crore in Q4 FY25 over Q4 FY24.

Numbers to Track:

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 85.4500, compared with its close of 85.3875 during the previous trading session.

MCX Gold futures for 5 June 2025 settlement shed 0.63% to Rs 94,673.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.41% to 100.31.

The United States 10-year bond yield added 0.60% to 4.506.

In the commodities market, Brent crude for July 2025 settlement rose 78 cents or 1.20% to $65.68 a barrel.

Global Markets:

US Dow Jones futures surged 528 points early Thursday, setting the stage for a buoyant open on Wall Street.

Asian shares mostly followed suit, climbing higher after a US federal court delivered a significant blow to President Donald Trump's sweeping reciprocal tariffs. The court ruled that Trump had overstepped his authority by imposing tariffs on over 180 countries and territories back in April.

The decision came from a three-judge panel at the US Court of International Trade. They found that the 1977 International Emergency Economic Powers Act (IEEPA), the legal crutch Trump leaned on, didn't give the president free rein to roll out such broad trade measures. The court issued a permanent halt to the tariffs named in the case and blocked any future tweaks. The Trump administration now has 10 days to make the necessary changes but has already appealed the decision to the US Court of Appeals for the Federal Circuit.

Meanwhile, South Korea's central bank, the Bank of Korea, cut its benchmark interest rate from 2.75% to 2.5%, marking its lowest level since August 2022.

Investors in Asia are also keeping a close watch on chipmakers after Nvidia's strong earnings. The GPU giant beat expectations on both top and bottom lines, driven by a 73% year-over-year surge in its data center business.

Back in the US, stock markets closed lower on Wednesday. The S&P 500 dipped 0.56%, the Nasdaq fell 0.51%, and the Dow Jones lost 0.58% as investors digested earnings and the latest Fed minutes.

Speaking of which, the Fed's May 6-7 meeting minutes hinted at a looming policy dilemma. Officials acknowledged that they may soon face some tough calls if inflation and unemployment start rising together. The Fed might be forced to choose between fighting inflation with higher rates or supporting growth and jobs by cutting them.

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