The domestic equity benchmarks traded with major gains in the afternoon, supported by value buying and optimism surrounding easing geopolitical tensions and ongoing US-China trade talks. Investors also remained focused on the ongoing Q4 earnings season.

The Nifty traded above the 23,700 level. All sectoral indices on the NSE traded in the green, barring the IT index, which remained under pressure.

At 13:30 IST, the barometer index, the S&P BSE Sensex surged 902.45 points or 1.22% to 75,539. The Nifty 50 index added 315.55 points or 1.34% to 23,724.30.

In the broader market, the BSE 150 MidCap Index climbed 0.71% and the BSE 250 SmallCap Index rose 0.08%.

The market breadth was negative. On the BSE, 2,016 shares rose and 2,039 shares fell. A total of 191 shares were unchanged.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 95.8500 compared with its close of 95.6650 during the previous trading session.

Economy:

India's WPI inflation rose sharply to 8.3% in April compared with 3.88% in March 2026, mainly due to soaring fuel and crude oil prices, government data showed. Fuel and power inflation spiked to 24.71% during the month against 1.05% in March.

Crude petroleum and natural gas prices rose 16.42% month-on-month, while food articles prices increased 1.41%. Minerals prices also moved higher.

Gainers & Losers:

Adani Enterprises (up 6.93%), Cipla (up 6.82%), Bharti Airtel (up 4.80%), Dr. Reddy's Laboratories (up 2.92%) and HDFC Bank (up 2.76%) were the major Nifty50 gainers.

Tech Mahindra (down 2.88%), Infosys (down 2.57%), HCL Technologies (down 2.51%), Tata Consultancy Services (down 1.38%) and Hindustan Unilever (down 0.38%) were the major Nifty50 losers.

Bharti Airtel jumped 4.80% after it has reported a 10.47% quarter-on-quarter (QoQ) rise in consolidated net profit at Rs 7,325.1 crore for Q4 FY26, compared with Rs 6,630.4 crore in Q3 FY26. Revenue from operations increased 2.59% QoQ to Rs 55,383.2 crore in the March quarter from Rs 53,853.6 crore in the preceding quarter.

On a year-on-year (YoY) basis, consolidated net profit declined 33.53% to Rs 7,325.1 crore in Q4 FY26, even as revenue from operations rose 15.68% from Rs 47,874.6 crore reported in the corresponding quarter last year.

Stocks in Spotlight:

Oil India rose 2.98% after its standalone net profit jumped 12.44% to Rs 1,789.53 crore in Q4 FY26, compared with Rs 1,591.48 crore in Q4 FY25. Revenue from operations (excluding excise duty) rallied 8% year-on-year (YoY) to Rs 5,960.59 crore for the quarter ended 31 March 2026.

Nitco declined 1.01% after the company's consolidated net loss widened to Rs 7.78 crore in Q4 FY26 compared with net loss of Rs 2.90 crore in Q4 FY25. Total revenue from operations jumped 62.85% to Rs 152.32 crore in Q4 FY26 as against Rs 93.53 crore in Q4 FY25.

ADF Foods added 2.48% after the company reported 57.6% jump in consolidated net profit to Rs 25.9 crore on a 23.7% rise in revenue from operations to Rs 196.7 crore in Q4 FY26 as compared with Q4 FY25.

Kaynes Technology India plunged 19.61% after the company's consolidated net profit declined 21.5% to Rs 91.22 crore despite a 26.22% increase in revenue from operations to Rs 1242.63 crore in Q4 FY26 over Q4 FY25.

Global Markets:

European stocks opened broadly higher Thursday as investors keep an eye on political developments in the U.K. and U.S. President Donald Trump's trip to China.

Asian markets traded mixed 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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