The key equity benchmarks traded with modest gains in mid-morning trade despite mixed cues from Asian markets. However, persistent foreign portfolio investor (FPI) outflows and ongoing geopolitical uncertainties continued to keep investor sentiment cautious. Meanwhile, markets closely monitored the outcome of the Trump-Xi summit, particularly developments related to tariffs, technology transfer, trade balance, and export controls between the United States and China. Nifty traded above the 23,550 mark. Metal shares extended gains for the second consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, advanced 448.13 points or 0.60% to 75,057.11. The Nifty 50 index rose 156.20 points or 0.67% to 23,568.80.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index fell 0.04% and the BSE 250 SmallCap Index slipped 0.61%.

The market breadth was negative. On the BSE, 1,571 shares rose and 2,282 shares fell. A total of 184 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 3.71% to 18.70.

Buzzing Index:

The Nifty Metal index rose 1.44% to 13,481.85. The index surged 5.2% in the two consecutive trading sessions.

Adani Enterprises (up 4.72%), Vedanta (up 2.63%), Hindustan Copper (up 2.08%), Hindalco Industries (up 2.06%), JSW Steel (up 1.45%), Jindal Stainless (up 1.08%), National Aluminium Company (up 0.94%), NMDC (up 0.76%), Steel Authority of India (up 0.62%) and Hindustan Zinc (up 0.41%) rose.

Stocks in Spotlight:

Alembic Pharmaceuticals rose 1.51% after the company announced that it had received tentative approval from the US Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Darolutamide Tablets, 300 mg.

ZF Commercial Vehicle Control Systems India fell 2.61%. The company's consolidated net profit jumped 15.47% to Rs 146.32 crore in Q4 FY26, from Rs 126.71 crore in Q4 FY25. The company's revenue from operations jumped 14.16% year on year (YoY) to Rs 1,155.23 crore in Q4 FY26.

Balaji Amines surged 20% after the company's consolidated profit after tax stood at Rs 63.21 crore in Q4 FY26, up 57.79% from Rs 40.06 crore in Q4 FY25 and surged 101.11% from Rs 31.43 crore in Q3 FY26. Revenue from operations increased 11.92% YoY to Rs 394.79 crore in Q4 FY26 from Rs 352.73 crore in the year-ago period. Revenue rose 19.16% sequentially from Rs 331.30 crore in Q3 FY26.

Global Markets:

Asian markets traded mixed on Thursday as investors look to a high-stakes meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping for clues on the future of U.S.-China ties and global trade.

Trump landed in Beijing Wednesday for the closely watched summit, accompanied by a group of U.S. executives, including Tesla CEO Elon Musk and Nvidia boss Jensen Huang.

Samsung shares rose as much as 5.46%, notching a fresh record high. The tech giant suffered a brief wipeout of $66 billion in market value on Wednesday following a labor dispute that threatened one of the biggest strikes in the company's history.

This comes as the labor union threatened an 18-day strike from May 21 if its demands were not met. More than 41,000 workers are expected to join the walkout, which was first announced at a rally on April 23.

South Korea's finance minister Koo Yun-cheol warned Thursday that a potential strike by Samsung workers could pose a major threat to the country's economic growth, exports and financial markets.

Overnight on Wall Street, the S&P 500 rose to a new all-time high as traders' enthusiasm for the technology trade overshadowed yet another hotter-than-expected inflation report.

The broad market index rose 0.58% to 7,444.25, and the tech-heavy Nasdaq added 1.2% to end at 26,402.34. Both hit fresh intraday and closing records. The Dow Jones Industrial Average shed 67.36 points, or 0.14%, ending at 49,693.20.

Wholesale prices in the US in April posted their highest annual increase in more than three years, signaling more nettlesome inflation as pipeline costs intensify.

The producer price index rose a seasonally adjusted 1.4% for the month, much higher than the upwardly revised 0.7% March increase, the Bureau of Labor Statistics reported Wednesday. This was the largest monthly gain since March 2022. On an annual basis, the index was up 6%, the biggest increase since December 2022.

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