Overview
- Benchmarks logged a second straight gain, with the Sensex up 485 points to 84,065.75 and the Nifty up 173.60 to 25,867.30.
- A weekend joint statement outlined an interim trade framework, and a US order revoked 25% penal tariffs, easing a major overhang for exporters.
- PSU banks led the rally after strong State Bank of India results, with SBI shares up about 6% as mid- and small-cap indices outperformed.
- Exchange data showed FIIs net bought Rs 1,950.77 crore on Friday, while heavy net shorts in derivatives raised the prospect of further short covering.
- Asian equities advanced and gold and silver prices jumped in India, while strategists stressed the framework’s interim status and upcoming earnings as key tests.