Stock markets rebound after 2-day fall as US court blocks reciprocal tariffs; Sensex up 320 pts
Mumbai, May 29 (PTI): Benchmark stock indices Sensex and Nifty rebounded on Thursday after two days of decline, mirroring a rally in global markets as a US court blocked President Donald Trump's reciprocal tariffs.
The 30-share BSE Sensex climbed 320.70 points or 0.39 per cent to settle at 81,633.02 in a volatile session amid monthly expiry in derivative contracts. During the day, it jumped 504.57 points or 0.62 per cent to 81,816.89.
The 50-share NSE Nifty went up by 81.15 points or 0.33 per cent to 24,833.60. The index swung sharply in both directions on the monthly expiry day before ending with gains. Metal, realty, pharma and IT sector indices were major gainers.
Among Sensex firms, IndusInd Bank climbed 2.41 per cent a day after markets regulator Sebi barred its former CEO, Sumant Kathpalia, and four other senior officials from accessing the securities markets in connection with an alleged insider trading in the bank's shares.
Sun Pharma, Adani Ports, Eternal, Tata Steel, Tech Mahindra and Axis Bank were also among the gainers.
Bajaj Finance, ITC, Bajaj Finserv and Asian Paints were among the laggards.
Investors rejoiced a US federal court’s decision to block President Donald Trump's sweeping reciprocal tariffs on imports.
"Global sentiment improved after a US court struck down Trump’s reciprocal tax policy. However, the domestic market remained mostly rangebound during the day due to rising oil prices and higher US 10-year bond yields. Some recovery was seen toward the end of the session, driven by F&O expiry-led covering.
"Export-focused sectors like IT and Pharma performed well, supported by hopes of easing trade tensions," Vinod Nair, Head of Research, Geojit Investments Limited, said.
The BSE midcap gauge climbed 0.48 per cent and smallcap index went up by 0.39 per cent.
Among sectoral indices, realty jumped the most 1.21 per cent, followed by metal (0.89 per cent), BSE Focused IT (0.79 per cent), services (0.69 per cent), teck (0.65 per cent), consumer discretionary (0.55 per cent) and commodities (0.53 per cent).
FMCG emerged as the only laggard.
As many as 2,022 stocks advanced while 1,954 declined and 135 remained unchanged on the BSE.
"While markets witnessed sideways movement in the first half, key indices rebounded on selective buying amid short covering on the monthly derivatives expiry day,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
“Strong Asian and European cues also aided sentiment, even as investors await the release of the minutes of the US FOMC (Federal Open Market Committee) meeting," Tapse said.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled in positive territory.
Markets in Europe were trading higher. US markets ended lower on Wednesday.
Foreign Institutional Investors (FIIs) bought equities worth Rs 4,662.92 crore on Wednesday, according to exchange data.
Also, the Reserve Bank said that the country is poised to remain the fastest-growing major economy in the world even in FY26.
India's industrial production growth slowed to 2.7 per cent in April 2025 due to poor performance of manufacturing, mining and power sectors, according to official data released on Wednesday.
Global oil benchmark Brent crude jumped 1.42 per cent to USD 65.82 a barrel.
The 30-share BSE barometer declined 239.31 points or 0.29 per cent to settle at 81,312.32 on Wednesday. The Nifty dropped 73.75 points or 0.30 per cent to 24,752.45.
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Oppn, X users flag concerns over US envoy Sergio Gor’s visit to Army’s western command
New Delhi: A visit by the US Ambassador to India, Sergio Gor, to Chandigarh on Monday has triggered sharp criticism from opposition leaders and social media users, raising questions about national security and foreign policy.
On X, Ambassador Gor announced his visit, writing, “Just landed in Chandigarh. Looking forward to visiting the Western Command of the Indian Army.”
Just landed in Chandigarh. Looking forward to visiting the Western Command of the Indian Army
— Ambassador Sergio Gor (@USAmbIndia) February 16, 2026
Soon after, opposition voices questioned the broader implications of the visit. Congress Kerala, in a post, commented, “Why so much panic? We’ve already seen Pakistan's ISI getting access to Pathankot Airbase with this government's blessings. Didn't they say then ‘Modi ne kiya ho to kuch soch samajh kar kiya hoga?’ Compared to that, this is very small.”
Why so much panic? We’ve already seen Pakistan's ISI getting access to Pathankot Airbase with this government's blessings.
— Congress Kerala (@INCKerala) February 16, 2026
Didn't they say then "Modi ne kiya ho to kuch soch samajh kar kiya hoga?"
Compared to that, this is very small. pic.twitter.com/gNNuAGQBPC
Shiv Sena (UBT) leader Priyanka Chaturvedi also weighed in, writing, “Since India’s national strategic interests are now tied to what US wants India to do, this visit seems to sync with that.”
She further added, “India’s history will remember the de-escalation announcement between India and Pak was announced on social media by the US President before Indians got to know from their own government. US Ambassador is doing the job for his nation, who is doing for us? The answer is blowing in the wind.”
Since India’s national strategic interests are now tied to what US wants India to do, this visit seems to sync with that. India’s history will remember the de-escalation announcement between India and Pak was announced on social media by the US President before Indians got to… pic.twitter.com/rYMq5NhJHA
— Priyanka Chaturvedi🇮🇳 (@priyankac19) February 16, 2026
The visit comes against the backdrop of the growing US-India defence partnership.
Writer and political analyst @rajuparulekar commented on ‘X’, “East India Company is back!”
“Is it allowed for an ambassador to visit any army unit in india?” asked another user.
Several X users expressed concerns over the appropriateness of the visit.
One asked, “Is it allowed for an ambassador to visit any army unit in India?” Another wrote, “Why an ambassador visiting our army places? To talk to Chandigarh lobby for F-35?”
Why an ambassador visiting our army places ? To talk to chandigarh lobby for f-35 ??
— Rohan Sagar (@RohanSagar03) February 16, 2026
“We have completely sold Indian sovereignty. Rothschild the evil Bankers will now control NSE. Modi sold Bharat Mata to Trump . And now American imperialist is visiting our army command . Scary,” wrote another user.
“The Indian Army isn’t part of geopolitics, so why is he interested in visiting there?,” opined another.
The Indian Army isn’t part of geopolitics, so why is he interested in visiting there?
— Aditya Pratap Singh (@Adi_IIMCIAN) February 16, 2026
On Sunday, Gor welcomed Admiral Samuel Paparo, Commander of the United States Indo-Pacific Command (INDOPACOM), highlighting efforts to expand the growing US-India defence partnership.
In a post on X, Gor wrote, “Delighted to have @INDOPACOM Commander Admiral Samuel Paparo in India to expand the U.S.-India defense partnership. Now is the time to strengthen vital cooperation between our two nations.”
On Monday, Admiral Samuel J. Paparo Jr visited the headquarters of India’s Western Army Command along with the American envoy Sergio Gor. The delegation was briefed on the formation’s capabilities, its past operations, and future plans.
The American delegation also visited Bengaluru, where they met three start-ups, two in the space sector and one in defence, and participated in an Indo-US conference.
