Metal index extended losses for the second consecutive trading sessions.

At 13:26 IST, the barometer index, the S&P BSE Sensex soared 943.26 points or 1.25% to 76,471.21. The Nifty 50 index soared 287.60 points or 1.22% to 23,912.30.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index gained 1.81% and the BSE 250 SmallCap Index added 1.73%.

The market breadth was strong. On the BSE, 3,147 shares rose and 1,176 shares fell. A total of 233 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 3.21% to 14.25.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 94.6575 compared with its close of 95.1800 during the previous trading session.

In the commodities market, Brent crude for August 2026 settlement lost $4.31 or 4.94% to $83.01 a barrel.

Economy

India's HSBC Manufacturing PMI rose to 55.0 in May 2026, a three-month high, up from 54.7 in April and revised higher from the flash estimate of 54.3, according to S&P Global. The expansion was driven by faster growth in new orders, output and purchasing activity, supported primarily by strong domestic demand, even as export growth softened.

Manufacturers reported increased sales of intermediate and capital goods, aided by infrastructure spending and new business wins. Firms stepped up input buying amid stockpiling requirements, while pre-production inventories rose as supply conditions improved and delivery times shortened. Finished goods inventories increased to an 11-year high as production outpaced demand.

Employment growth moderated, while backlogs of work edged higher. On the cost front, input prices rose sharply due to higher energy, fuel, materials and transport costs linked to geopolitical tensions. Output price inflation remained relatively contained as firms limited pass-through to customers. Business confidence stayed positive, supported by strong order pipelines and easing cost expectations.

Meanwhile, India's wholesale price inflation (WPI) rose to 9.68% in May, compared with 8.30% in the previous month, according to government data released under the new WPI series.

Food inflation stood at 4.49% in May, up from 3.11% in the previous month, while fuel and power inflation surged to 30.33% from 24.89%. Manufactured products inflation rose to 7.48%, compared with 6.68% earlier, while primary articles inflation increased to 4.99% from 3.78% in the previous month.

Producers price index or PPI inflation for manufactured goods was flat in May. This marks the first release of PPI data by the government, which will publish both input and output PPI figures on a trial basis.

Buzzing Index:

The Nifty Metal Index jumped 2.17% to 13,133. The index climbed 3.13% in two consecutive trading sessions.

Jindal Stainless (up 2.39%), Hindustan Copper (up 2.25%), Hindustan Zinc (up 1.37%), Lloyds Metals & Energy (up 1.17%), National Aluminium Company (up 1.11%), Adani Enterprises (up 0.97%), APL Apollo Tubes (up 0.91%), JSW Steel (up 0.41%), Tata Steel (up 0.29%) and Jindal Steel (up 0.10%) advanced.

On the other hand, Welspun Corp (down 1.51%), NMDC (down 1.51%) and Vedanta (down 1.32%) edged lower.

Numbers to Track:

The yield on India's 10-year benchmark federal paper fell 0.51% to 6.831 compared with previous session close of 6.866.

MCX Gold futures for 5 June 2026 settlement surged 1.98% to Rs 153,454.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.20% to 99.29.

The United States 10-year bond yield fell 1.05% to 4.436.

Stocks in Spotlight:

REC rose 1.51% after executing a share purchase agreement (SPA) through its subsidiary RECPDCL with the Maharashtra State Electricity Transmission Company (MSETCL) for the transfer of Jalna Power Transmission.

K2 Infragen hit an upper circuit of 20% after the company announced that it has received a Letter of Acceptance (LoA) worth Rs 158.58 crore from Konkan Railway Corporation for a major railway electrification upgrade project.

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