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The headline equity benchmarks traded with major gains in mid-afternoon trade, reversing early losses, amid media reports of a potential geopolitical de-escalation involving Iran and the United States. However, market participants will monitor RBI's meeting policy outcome. Nifty traded above the 22,900 level after hitting the day's low of 22,542.95 in mid-morning trade. Consumer durables shares advanced after declining in the past trading session. At 14:30 IST, the barometer index, the S&P BSE Sensex, advanced 597.35 points or 0.78% to 73,916.88. The Nifty 50 index rose 199.15 points or 0.88% to 22,912.25. In the broader market, the BSE 150 MidCap Index surged 1.26% and the BSE 250 SmallCap Index rallied 0.92%. The market breadth was negative. On the BSE, 3,123 shares rose and 1,155 shares fell. A total of 205 shares were unchanged. RBI MPC update: The Reserve Bank of India's Monetary Policy Committee (MPC) began its three-day deliberations today. It is widely expected to keep the benchmark repo rate unchanged at 5.25% amid heightened global uncertainties. Economy: India's services sector saw a slight cooling in momentum in March, with the seasonally adjusted HSBC India Services PMI Business Activity Index easing to 57.5 from 58.1 in February. This marks the slowest pace of expansion in 14 months. Buzzing Index: The Nifty Consumer Durables index jumped 2.57% to 34,202.75. The index fell 0.93% in the past trading session. Kalyan Jewellers India (up 6.33%), LG Electronics India (up 4.41%), Titan Company (up 3.52%), Bata India (up 2.1%), Blue Star (up 1.45%), Kajaria Ceramics (up 1.42%), Dixon Technologies (India) (up 1.27%), Amber Enterprises India (up 1.22%), Havells India (up 1.12%) and Whirlpool of India (up 0.91%) advanced. Numbers to Track: The yield on India's 10-year benchmark federal paper declined 0.70% to 7.079 compared with previous session close of 7.129. In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 93.0850 compared with its close of 93.1800 during the previous trading session. MCX Gold futures for 5 June 2026 settlement gained 1% to Rs 151,154. The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.17% to 99.67. The United States 10-year bond yield added 0.02% to 4.348. In the commodities market, Brent crude for June 2026 settlement lost $1.03 or 0.94% to $108 a barrel. Stocks in Spotlight: Tata Motors Passenger Vehicles (TMPV) added 1.17% after the company's arm, Jaguqar Land Rover (JLR)'s wholesale volumes increased 61.1% in Q4 FY26, compared to Q3 FY26, supported by recovery in production operations. Dhabriya Polywood advanced 2.59% after the company announced that it has secured a work order from an Indian company for aluminium doors, windows, and facade works, valued at Rs 34.81 crore. Vikran Engineering surged 7.42% after the company announced that it has received two major letters of award (LoA) aggregating to Rs 530.80 crore from Maharashtra State Electricity Distribution Co. (MSEDCL).
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