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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Inappropriate for MLAs seeking free IPL tickets, says D.K. Suresh
Bengaluru: Bengaluru Milk Union Ltd President D.K. Suresh on Monday said it is inappropriate for MLAs to seek free IPL tickets, adding that those interested in watching matches should pay for them personally.
Speaking to reporters near his residence in Sadashivanagar, he said, “IPL is a commercial tournament and does not represent the country. It is not right for public representatives to focus too much on such matters.”
Referring to the recent controversy during the RCB celebrations, he said, “let us find out who benefited the most from the statements made during the incident.” He also pointed out that BJP MLAs had received IPL tickets as well.
Responding to discussions about relocating the Chinnaswamy Stadium, Suresh said the government has already approved the construction of a new stadium at a location he had proposed.
“I had suggested building a stadium in Surya City and submitted a proposal for it. Bengaluru needs four stadiums in four directions to cater to its growing population and encourage youth participation in sports,” he said.
He noted that apart from Kanteerava Stadium, KSCA, and the Football Stadium, there are limited facilities in the city.
“When I was a Lok Sabha member, I had proposed allocating 100 acres in my constituency at Surya City. The land was later earmarked and the plan approved,” he added.
Suresh said he has discussed the project with Minister Zameer Ahmed Khan, Rajiv Gandhi Housing Corporation Chairman Shivalingegowda, and Anekal MLA Shivanna.
“The Cabinet has now approved the project, and a stadium will be developed on around 50–60 acres,” he said.
He further added that he has requested the Deputy Chief Minister to build another stadium at Shivarama Karanth Layout through the BDA, where 40 acres have been allocated. Plans are also being discussed to develop a well-equipped stadium in Bidadi.
Commending state government's recent bilingual policy move, Suresh said forcing children to learn three languages could affect their comprehension.
“It is a good decision to make two languages compulsory. Learning a third language should be left to the choice of students and parents,” he said.
Responding to criticism from BJP leaders, he said their tendency is to oppose every decision of the government.
“To please their central leadership, they take a pro-Hindi stance. Instead, they should advocate for the adoption of Kannada in all states,” he said.
When asked about the earlier three-language policy under Congress, he said, “the situation is different now. Today, the focus should be on quality learning. Kannada should remain the primary language, while students and parents can choose an additional language.”
