Sensex gains 174 pts; realty shares climbs for 7th day; VIX jumps 4.10%

The headline equity benchmarks traded with minor gains in early afternoon trade, supported by improved global sentiment following reassuring comments from US President Donald Trump regarding Fed Chair Jerome Powell and US-China trade relations. The Nifty traded above the 24,200 level after hitting the day's low of 24,119.95 in mid-morning trade. Realty shares soared for the seventh consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex added 174.44 points or 0.21% to 79,764.39. The Nifty 50 index rose 45.35 points or 0.19% to 24,212.20.

In the broader market, the S&P BSE Mid-Cap index rose 0.34% and the S&P BSE Small-Cap index fell 0.21%.

The market breadth was negative. On the BSE, 1,607 shares rose and 2,180 shares fell. A total of 168 shares were unchanged.

Politics:

Prime Minister Narendra Modi returned to New Delhi on Wednesday morning, cutting short his two-day visit to Saudi Arabia, following a devastating terror attack in Jammu and Kashmir's Pahalgam.

At least 26 people, including two foreign nationals, were killed in what is being described as one of the deadliest attacks in the region in recent years. The strike occurred around 2:30 PM on Tuesday, when a group of heavily armed terrorists'disguised in military fatigues'opened fire on tourists gathered at Baisaran meadow, a popular scenic spot in Pahalgam.

The rare and brazen assault has sent shockwaves through the nation, with security forces launching a massive operation to track down the perpetrators.

Economy:

The International Monetary Fund (IMF) on Tuesday slashed India's FY26 GDP growth projection to 6.2%, down from its earlier estimate of 6.5%, citing growing global trade tensions and economic uncertainty following the United States' recent tariff imposition.

The downward revision comes as the U.S. levies a 26% tariff on imports from India, casting a shadow over India's trade outlook and prompting the IMF to temper its expectations. The FY27 growth forecast has also been dialed back to 6.3% from the earlier projection of 6.5%.

China's growth outlook for 2025 has been cut to 4%, down from 4.6%, reflecting continued challenges in its property sector and weakening global demand. Meanwhile, the U.S. economy is projected to slow to 1.8%, a sharp decline from the 2.7% forecast in the IMF's January 2025 World Economic Outlook (WEO) update.

The HSBC Flash India Composite Output Index rose to 60.0 in April 2025 as compared to 59.5 in March 2025. The Flash India Manufacturing PMI jumped to 58.4 in April 2025 as against 58.1 in March 2025, indicated the strongest improvement in the health of the sector for one year. The HSBC Flash India Services PMI business activity index stood at 59.1 in April 2025 as against 58.5 in March 2025.

Pranjul Bhandari, Chief India Economist at HSBC, said, New export orders accelerated sharply, likely buoyed by the 90-day pause in the implementation of tariffs. As a result, output and employment grew for both manufacturers and service providers. Cost inflation was in line with March levels, but prices charged rose a tad faster, leading to improved margins.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, soared 4.10% to 15.86. The Nifty 24 April 2025 futures were trading at 24,231.40, at a premium of 19.5 points as compared with the spot at 24,212.20.

The Nifty option chain for the 24 April 2025 expiry showed a maximum call OI of 176.5 lakh contracts at the 25,500 strike price. Maximum put OI of 131.6 lakh contracts was seen at 24,200 strike price.

Buzzing Index:

The Nifty Realty index added 1.19% to 895.50. The index surged 14.76% in the seven consecutive trading sessions.

Macrotech Developers (up 2.76%), Prestige Estates Projects (up 2.68%), Godrej Properties (up 2.54%), Brigade Enterprises (up 1.47%), Sobha (up 1.24%), DLF (up 0.33%), Oberoi Realty (up 0.02%) added.

On the other hand, Anant Raj (down 1.72%), Raymond (down 0.99%) and Phoenix Mills (down 0.22%) turned lower.

Stocks in Spotlight:

Waaree Energies soared 12.54% after the company reported 34.10% surge in consolidated net profit to Rs 618.91 crore in Q4 FY25 as against Rs 461.52 crore posted in Q4 FY24. Revenue from operations climbed 36.38% year on year (YoY) to Rs 4,003.93 crore in the quarter ended 31 March 2025.

PNC Infratech rose 0.38%. The company was declared the L1 (Lowest) bidder for the construction of a flyover in Rajasthan, with a quoted price of Rs. 239.94 crore.

Cyient DLM rallied 3.77% after the company's consolidated net profit surged 36.49% to Rs 31.04 crore in Q4 FY25 as compared to Rs 22.74 crore in Q4 FY24. Revenue from operations jumped 18.30% YoY to Rs 428.06 crore in the quarter ended 31 March 2025.

Maharashtra Scooters advanced 1.32% after the company reported net profit of Rs 51.63 crore in Q4 FY25, steeply higher than Rs 0.1 crore posted in Q4 FY24. Revenue from operations jumped 28.37% year on year (YoY) to Rs 6.65 crore in the quarter ended 31 March 2025.

Meanwhile, the board of directors of the company recommended a final dividend of Rs 30 per share (300%) of face value of Rs 10 and a special dividend of Rs 30 per share (300%) of face value of Rs 10 on equity shares for the financial year ended 31 March 2025.

Hathway Cable & Datacom added 2.21% after the company's consolidated net profit increased marginally to Rs 34.68 crore in Q4 FY25 as against Rs 34.57 crore posted in Q4 FY24. Revenue from operations rose 4% YoY to Rs 513.15 crore in the quarter ended 31 March 2025.

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