At 11:30 ST, the barometer index, the S&P BSE Sensex, surged 387.82 points or 0.48% to 80,627.07. The Nifty 50 index rose 59.45 points or 0.24% to 24,393.65.

In the broader market, the S&P BSE Mid-Cap index shed 0.04% and the S&P BSE Small-Cap index added 0.19%.

The market breadth was strong. On the BSE, 2,179 shares rose and 1,379 shares fell. A total of 211 shares were unchanged.

Economy:

India's Goods and Services Tax (GST) collection spiked 12.6% Y-o-Y to an all-time high of about Rs 2.37 lakh crore in April. The GST collection was Rs 2.10 lakh crore in April 2024 -- the second highest collection ever since the roll-out of the indirect tax regime on July 1, 2017. In March 2025, the collection was Rs 1.96 lakh crore, thereby leading to a arround 20% surge in tax collection on monthly basis.

The HSBC India Manufacturing PMI edged up to 58.2 in April 2025 from 58.1 in March, slightly below the flash estimate of 58.4, marking the strongest sector improvement in ten months. Output grew at the fastest pace since June 2024, driven by robust domestic and foreign demand. Similarly, international orders recorded their second-steepest rise since March 2011, boosting sales and supporting solid job creation. Purchasing activity surged alongside new orders, lifting input inventories to an eight-month high, while post-production stocks fell at the fastest pace in nearly three and a half years. Backlogs increased slightly, and vendor delivery times shortened marginally. In terms of prices, output charges rose at the fastest rate since October 2013, even as input cost inflation remained moderate, led by higher expenses in building, labor, and raw materials. Lastly, business confidence stayed strong, underpinned by demand strength, marketing efforts, and new client enquiries.

Buzzing Index:

The Nifty Oil & Gas index rose 0.95% to 11,285.55. The index shed 0.04% in the previous trading session.

Indian Oil Corporation (up 3.86%), Indraprastha Gas (up 2.33%), Hindustan Petroleum Corporation (up 2.06%), Bharat Petroleum Corporation (up 1.89%) and Mahanagar Gas (up 1.5%), Adani Total Gas (up 1.11%), Reliance Industries (up 0.91%), GAIL (India) (up 0.87%), Castrol India (up 0.86%) and Petronet LNG (up 0.53%) added.

On the other hand, Gujarat State Petronet (down 1.85%), Aegis Logistics (down 1.31%) and Oil & Natural Gas Corpn (down 0.77%) edged lower.

Stocks in Spotlight:

VST Tillers Tractors jumped 6.98% after the company's total sales surged 94.79% to 2,320 units in April 2025 from 1,191 units sold in April 2024.

JSW Infrastructure rose 1.99% after the company's consolidated net profit jumped 56.67% to Rs 515.58 crore on a 17.04% increase in revenue from operations to Rs 1,283.18 crore in Q4 FY25 over Q4 FY24.

Steel Strips Wheels (SSWL) rose 1.81%. The company reported a net turnover of Rs 424.11 crore for April 2025, registering a 25.39% YoY growth compared to Rs 338.22 crore posted in April 2024.

Tata Motors added 1.87%. The company's total sales stood at 72,753 units in April 2025, registering a decrease of 6.15% as compared with 77,521 units in April 2024.

Ashok Leyland shed 0.75. The company reported a 6% decline in total commercial vehicle sales to 13,421 units in April 2025 from 14,271 units sold in April 2024.

Global Markets:

Markets in Asia traded higher after China said that it was evaluating possible trade talks with the U.S.

China markets are closed for the Labor Day public holiday.

China said it is evaluating U.S. overtures to initiate trade negotiations, potentially paving the way for the world's two largest economies to start talks to resolve a trade war that has rumbled financial markets and cast a pall on global economic activity.

While assessing the possibility of starting any negotiations, Chinese authorities reiterated Beijing's request for the U.S. to remove all unilateral tariffs. Failure to do so would indicate an outright lack of sincerity from Washington and further compromise mutual trust, media report said.

U.S. President Donald Trump has slapped tariffs of 145% on imported Chinese goods this year, prompting China to impose retaliatory levies of 125%. So far, both sides have sought to blunt the economic impact of tariffs by granting exemptions on certain critical products.

Most European markets remained closed for trading on May 1 due to a holiday. Europe's regional Stoxx 600 index ended Wednesday in the green, even after global stocks were rattled by news that the U.S. economy contracted 0.3% in the first quarter.

Economic sentiment in the region was helped by data showing the euro zone grew by a higher-than-expected 0.4% in the first quarter.

Investors are monitoring news that Spanish regulators approved the takeover of lender Banco Sabadell by rival BBVA, with the competition watchdog's report now subject to government review and further 'remedies' by the banks.

Overnight stateside, the Dow Jones Industrial Average climbed 83.60 points, or 0.21%, to close at 40,752.96. The S&P 500 gained 0.63% to end at 5,604.14, still slightly below its levels from before President Donald Trump's Liberation Day' tariffs announcement in early April. The Nasdaq Composite increased 1.52%, to close at 17,710.74 and wipe out the decline it experienced since April 2.

Stocks on Wall Street received a boost of optimism after Meta Platforms and Microsoft reported strong quarterly results The earnings of the two big tech stocks eased concerns of a slowdown in artificial intelligence-powered developments amid the current macroeconomic uncertainty.

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