Closing Bell: Market rockets on Indo-Pak ceasefire; Nifty above 24,900, Sensex zooms 2,975 pts

Indian equity indices ended on strong note with Nifty above 24,900 on May 12. At close, the Sensex was up 2,975.43 points or 3.74 percent at 82,429.90, and the Nifty was up 916.70 points or 3.82 percent at 24,924.70.

We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

Today, the benchmark indices witnessed a stellar rally. The Nifty ends 917 points higher, while the Sensex was up by 2975 points. Among sectors, all the major sectoral indices traded in positive territory, but the IT index gained the most, rallying 6.48 percent. Technically, after a gap-up opening, the market successfully cleared the 24,590/81150 resistance mark, and post-breakout, positive momentum intensified.

A long bullish candle on daily charts and breakout continuation formations on daily and intraday charts indicate a further uptrend from the current levels. We believe that the 24,590/81150 resistance zone has now become a strong support zone for short-term traders.

For day traders, buying on intraday dips and selling on rallies would be the ideal strategy. On the higher side, 25,200–25,300/83000-83300 would be the key resistance areas, while below 24,590/81150 traders may prefer to exit their long positions.

The Nifty witnessed its best day in four years as multiple positive news developments triggered a risk-on sentiment. Technically, the index has broken out of recent consolidation across multiple timeframes, confirming a positive trend.

Additionally, it continues to sustain above a crucial moving average.

Going forward, any dips are likely to be bought into as long as the index remains above 24,350. On the higher end, this leg of the rally might extend towards 25,350/25,750 in the short term.

Today, the Indian stock market closed with a strong upside momentum, marked by the Nifty 50 surging nearly 917 points (3.82%) to close around 24,925 and the BSE Sensex rallying approximately 2,975 points to cross the 81,800 mark. This sharp rally was primarily driven by the announcement of a ceasefire agreement between India and Pakistan over the weekend, which significantly eased geopolitical tensions that had weighed on investor sentiment in the prior sessions. The ceasefire boosted investor confidence, leading to robust buying across sectors, particularly in defense stocks and banking, with notable gains in drone manufacturers and financial counters.

Broad-based sectoral participation, led by Nifty Realty (up 5.93%) and defense-related stocks such as Ideaforge Technology and ZEN Technologies gaining 5-7% intraday. Banking and IT stocks like Adani Ports, Axis Bank, and Infosys also contributed to the rally. Conversely, the pharma sector lagged, with Sun Pharma falling over 3.36%, impacted by US drug price reduction announcements.

The market witnessed a strong bullish session as easing cross-border tensions brought relief to investors, leading to a robust start with the Index opening over 400 points higher. The positive sentiment was further fueled by encouraging developments in US-China tariff negotiations, which sustained the upward momentum throughout the day. As a result, the Index closed at its highest point at 24,924.70, registering notable gains of 916.70 points.

All the sectors ended in green, with IT, Realty, and Metal emerging as the top performers. Mid and Smallcaps soared over 4% and outshone the Frontline Index.

With a strong bullish candle, the Index has surpassed multiple resistance levels. However, given the sharp rally, a near-term pullback is anticipated, which could present more favorable entry opportunities. The key resistance and support levels are now seen at 25,180 and 24,770, respectively.

Markets were on a roll and turned buoyant after the news of a cease-fire between India and Pakistan, as that removes some kind of apprehension that was caused by last week's tension between the two nuclear armed neighbours. Investors turned risk-on with safe-haven gold taking a beating while equities turned out to be clear winners on the back of broad-based buying support. With talks on global tariff seen on a smooth path, equities could gain traction going ahead.

Confluence of positive geopolitical and economic developments—the ceasefire between India and Pakistan, coupled with a breakthrough trade agreement between the US and China—sparked the strongest daily market rally in recent times. Tarriff issue had the pivotal role in the stock market's consolidation over the year. Sudden easing of the US-China tariff war unlocked multiple investment avenues for investors.

Sustained foreign institutional investor (FII) inflows, along with a resurgence in retail participation fuelled by expectations of a swift improvement in business sentiment, propelled today's upside. However, while the momentum remains strong, the market may enter a phase of consolidation in the near term as investors await concrete signs of earnings growth. In the meantime, mid & small caps are expected to maintain the optimism in the broad market.

Markets opened the week on a strong footing, rallying nearly 4%, driven by supportive global and domestic cues. The key trigger was the announcement of a ceasefire between India and Pakistan over the weekend, signaling easing geopolitical tensions. Adding to the positive sentiment were encouraging updates on the US-China trade deal, which further boosted investor confidence as the session progressed. Consequently, the Nifty index ended near its intraday high at 24,924. All major sectors contributed to the rally, with IT, realty, and metals leading the gains. The broader markets also mirrored this strength, each advancing close to 4%.

The easing of geopolitical concerns and progress on global trade talks brought significant relief to the markets, reflected in a sharp drop in the India VIX volatility index. Technically, the sharp rise in the Nifty marks a continuation of the uptrend following a three-week consolidation phase. Having crossed the previous swing high of around 24,857, the index is now poised to inch towards the 25,200 level, while the 24,400–24,600 zone is expected to offer strong support on any dip.

In light of the widespread buying momentum, a “buy on dips” strategy remains prudent. Investors should focus on selecting stocks based on the relative strength of specific sectors and prevailing market themes.

Indian equity indices ended on strong note with Nifty above 24,900 on May 12.

At close, the Sensex was up 2,975.43 points or 3.74 percent at 82,429.90, and the Nifty was up 916.70 points or 3.82 percent at 24,924.70. About 3375 shares advanced, 585 shares declined, and 127 shares unchanged.

All the sectoral indices ended in the green with realty, power, IT, energy up 4-6%.

BSE Midcap index rose 3.8 percent and smallcap index added 4 percent.

Biggest Nifty gainers included Infosys, Adani Enterprises, Shriram Finance, Trent, HCL Technologies, while losers were Sun Pharma and IndusInd Bank.

#1 Food delivery revenue & margin strong; quick commerce losses in-line

#2 Quick commerce growth slightly behind Blinkit

#1 Quick commerce losses remain a key concern

#2 Contribution margin loss of Rs 30/order; adjusted EBITDA down 18 percent of GOV

#3 Management expects breakeven in 3–5 quarters

The Sensex was up 2,883.11 points or 3.63 percent at 82,337.58, and the Nifty was up 899.20 points or 3.75 percent at 24,907.20. About 3222 shares advanced, 448 shares declined, and 95 shares unchanged.

#1 EBITDA miss despite in-line revenue

#2 Weak core EBITDA margin, slow India growth, limited visibility on US launches

S&P 500 Futures jump 3% as US, China cut tariffs

India's Nifty 50 extends gain to 3.7%, most since Feb 2021

#1 4Q PPOP missed estimates by 10 percent due to lower margin & higher opex

#2 Product mix revised to target higher-ticket customers, impacting yields

#3 Gold AUM saw recovery; housing AUM remains strong

#4 Plans to reduce MFI to 10 percent of the portfolio; target 90 percent secured book

#5 Gold loan segment expected to grow 20 percent in FY26

HCL Technologies has signed the European Commission's AI Pact, reinforcing its commitment to the responsible development and deployment of AI technologies internally and with clients.

#1 Food delivery growth up +18 percent YoY; user growth in quick commerce just below Zomato

#2 Adjusted EBITDA loss at Rs 730 crore versus Citi estimate of Rs 670 crore

#3 Quick commerce breakeven now expected by Q3FY26–Q1FY27

#4 FD medium-term growth guidance maintained at 18–22 percent

LTIMindtree announced a strategic agreement with a leader in the global agribusiness sector. This is the largest deal in the history of LTIMindtree, valued at USD 450 million across seven years.

#1 Strong near double-digit volume growth despite a muted environment

#2 Management remains optimistic about FY26 growth amid broader consumption improvement

#3 B2B growth likely to remain strong over the next 2–3 years

#4 Gross margin expanded; A&P expenses increased

Sumitomo Mitsui Banking Corporation (SMBC) will acquire a 20% stake in Yes Bank for Rs 13,482 crore at a price of Rs 21.50 per share from multiple banks.

As per the share purchase agreement, SMBC will purchase a 13.19% stake from SBI, and the remaining 6.81% stake from HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, IDFC First Bank, Federal Bank, and Bandhan Bank.

The company has announced a joint venture with KVN Property Holdings LLP to develop a 24.59-acre land parcel in North Bengaluru. The estimated gross development value (GDV) of the project exceeds Rs 3,300 crore. Additionally, Mallanna Sasalu has been appointed CEO–South, effective May 9. Abhishek Kapoor has resigned as Executive Director and Group CEO, also effective May 9.

Tata Steel, Ather Energy, Bajaj Electricals, Happiest Minds Technologies, CARE Ratings, Chalet Hotels, JM Financial, Jyothy Labs, Krishna Institute of Medical Sciences, Krsnaa Diagnostics, Prudent Corporate Advisory Services, PVR Inox, Raymond, SRF, Vijaya Diagnostic Centre, and Zaggle Prepaid Ocean Services will release their March quarter earnings on May 12.

The Sensex was up 2,523.20 points or 3.18 percent at 81,977.67, and the Nifty was up 787.65 points or 3.28 percent at 24,795.65. About 3175 shares advanced, 422 shares declined, and 104 shares unchanged.

Reduction in US tariff on China good for the world, okay for India. Going forward, global investors would continue to want to diversify outside US which should keep foreign flows strong.

Trade set up was very favourable with foreign investors coming back in a big way and domestic flows continuing to be strong, Arora told MC.

#1 Net Profit down 60 percent at Rs 363 crore versus Rs 905 crore, YoY

#2 Revenue down 18.3 percent at Rs 1,223 crore versus Rs 1,497 crore, YoY

#1 4Q PPOP missed estimates by 10 percent due to lower margin & higher opex

#2 Product mix revised to target higher-ticket customers, impacting yields

#3 Gold AUM saw recovery; housing AUM remains strong

#4 Plans to reduce MFI to 10 percent of the portfolio; target 90 percent secured book

#5 Gold loan segment expected to grow 20 percent in FY26

#1 Gross margin continues to decline; next quarter may benefit from peak gRevlimid volumes

#2 Long-term drivers (GLP-1, biosimilars) positive, but FY26 guidance seen as challenging

#1 China to retain the remaining additional ad valorem rate of 10%

#2 China & US to establish mechanism to continue discussions about eco & trade relations

#3 Removing ad valorem rates of duty on articles imposed affective April 8 & 9

#1 Net profit at Rs 125.6 crore versus loss of Rs 397.6 crore, YoY

#2 Revenue down 1 percent at Rs 1,978 crore versus Rs 1,997 crore, YoY

#3 EBITDA at Rs 589.8 crore versus Rs 48.8 crore, YoY

#4 Margin at 29.8 percent versus 2.4 percent, YoY

Fundamentals of our country are very strong. Recent inflation and PMI data reaffirm the strength of India’s macroeconomy. Yes, global events like the Trump tariff announcements and recent India-Pakistan border escalation have triggered heightened volatility in the last 30–45 days. However, such episodes, though unsettling in the short term, rarely alter India’s long-term growth trajectory.

History shows markets correct nearly every year yet they recover, often swiftly. Investors who treat these dips as buying opportunities, not exit signals, tend to benefit the most. Every correction offers a chance to accumulate quality businesses at better valuations.

Investors can earmark ~10% of their portfolio in cash or low-volatility assets to turn volatility into an advantage. This reserve capital allows them to act decisively when markets fall 10% or more.

Our view remains simple. The long-term prospects of our economy are compelling. Investors should use every dip to steadily build exposure to fundamentally strong companies. It’s not about timing the market it is about being prepared to act when it matters most.

#1 Net profit down 25.9 percent at Rs 168.3 crore versus Rs 227 crore, YoY

#2 Revenue down 15 percent at Rs 1,701 crore versus Rs 2,004 crore, YoY

#3 EBIDTA down 48.7 percent at Rs 159.6 crore versus Rs 311 crore, YoY

#4 Margin at 9.45 versus 15.5 percent, YoY

#1 Net profit up 35.9 percent at Rs 7.2 crore versus Rs 5.3 crore, YoY

#2 Revenue up 31.9 percent at Rs 211 crore versus Rs 160 crore, YoY

#3 EBITDA up 14.5 percent at Rs 15 crore versus Rs 13.1 crore, YoY

#4 Margin at 7.1 percent versus 8.2 percent, YoY

#1 Q4 revenue/EBITDA up 20 percent/15 percent YoY

#2 EBITDA margin declined to 24 percent due to gross margin pressure & higher SG&A

#3 FY26 growth to be double-digit with stable margins

#4 EPS estimates for FY26–28 raised by up to 4 percent

#1 Net Profit up 8.1 percent at Rs 205.7 crore versus Rs 190.33 crore, YoY

#2 Revenue up 11.6 percent at Rs 3,085 crore versus Rs 2,763.7 crore, YoY

#3 EBITDA up 9.7 percent at Rs 300 crore versus Rs 273.2 crore, YoY

#4 Margin at 9.7 percent versus 9.9 percent, YoY

#5 Recommends dividend of Rs 14

The Sensex was up 2,275.42 points or 2.86 percent at 81,729.89, and the Nifty was up 707.95 points or 2.95 percent at 24,715.95. About 3183 shares advanced, 353 shares declined, and 105 shares unchanged.

Reliance Power subsidiary, Reliance NU Energies wins the largest allocation in SJVN’s tariff-based competitive bidding process, securing an allocation of 350 MW of solar generation capacity coupled with 175 MW/700 MWh of battery energy storage system (BESS).

#1 Net Profit down 56.2 percent at Rs 311.6 crore versus Rs 712 crore, YoY

#2 Revenue up 27.9 percent at Rs 4,217 crore versus Rs 3,298 crore, YoY

#3 EBITDA up 38.7 percent at Rs 652.5 crore versus Rs 470.5 crore, YoY

#4 Margin at 15.5 percent Vs 14.3 percent, YoY

#5 Recommends dividend of Rs 5

#1 Net profit up 0.1 percent at Rs 92.8 crore versus Rs 92.7 crore, YoY

#2 Revenue up 2.7 percent at Rs 710 crore versus Rs 691 crore, YoY

#3 EBITDA up 1.6 percent at Rs 127.3 crore versus Rs 125.3 crore, YoY

#4 Margin At 17.9 percent Vs 18.1 percent, YoY

Tata Steel, UPL, Ather Energy, Bajaj Electricals, Happiest Minds Technologies, CARE Ratings, Chalet Hotels, JM Financial, Jyothy Labs, Krishna Institute of Medical Sciences, Krsnaa Diagnostics, Prudent Corporate Advisory Services, PVR Inox, Raymond, SRF, Vijaya Diagnostic Centre, and Zaggle Prepaid Ocean Services will release their March quarter earnings on May 12.

#1 Net profit up 32.8 percent at Rs 256.6 crore versus Rs 193.3 crore, YoY

#2 Revenue up 6.1 percent at Rs 2,815 crore versus Rs 2,654 crore, YoY

#3 EBITDA up 13.1 percent at Rs 534 crore versus Rs 472 crore, YoY

#4 Margin At 19 percent versus 17.8 percent (YoY)

#5 Recommends dividend of Rs 10

US FDA has issued an Establishment Inspection Report (EIR) for Turbhe manufacturing facility with VAI (Voluntary Action Indicated).

USFDA conducted General Good Manufacturing Practices (GMP) inspection at said facility from 11th February, 2025 to 17th February, 2025.

Tata Consultancy Services (TCS) has partnered with Dhofar Insurance Company (DIC), the largest insurance enterprise in Oman. DIC will implement TCS’ flagship offering, TCS BaNCS for insurance, as part of its long-term growth and transformation program.

#1 Profit zooms 22 percent to Rs 1,594 crore Vs Rs 1,307 crore, YoY

#2 Revenue jumps 20.1 percent to Rs 8,506 crore Vs Rs 7,083 crore, YoY

#3 Board recommends final dividend of Rs 8 per share

The Sensex was up 2,162.50 points or 2.72 percent at 81,616.97, and the Nifty was up 672.75 points or 2.80 percent at 24,680.75. About 3104 shares advanced, 353 shares declined, and 106 shares unchanged.

#1 Delivered an in-line quarter with strong execution in food delivery

#2 Food delivery GOV growth up 17.6 percent YoY, ahead of Zomato; gaining market share

#3 Contribution margin improved by 40 bps to 7.8 percent; adjusted EBITDA at 2.9 percent

#4 Quick commerce losses widened; adjusted EBITDA down 18 percent

#5 QC GOV up 101 percent YoY; breakeven timeline pushed to FY26–FY27

Tata Steel, UPL, Ather Energy, Bajaj Electricals, Happiest Minds Technologies, CARE Ratings, Chalet Hotels, JM Financial, Jyothy Labs, Krishna Institute of Medical Sciences, Krsnaa Diagnostics, Prudent Corporate Advisory Services, PVR Inox, Raymond, SRF, Vijaya Diagnostic Centre, and Zaggle Prepaid Ocean Services will release their March quarter earnings on May 12.