In a sharp turnaround, Indian equity markets surged on May 12 as geopolitical tensions between India and Pakistan cooled down. The benchmark Nifty 50 jumped 704 points or 2.93% to scale a new high of 24,712.60, while the Sensex soared 2,288 points to close at 81,742.64, reflecting a 2.88% gain.
This surge followed confirmation from India’s DGMO, Lt Gen Rajiv Ghai, that both nations agreed to a ceasefire after India’s Operation Sindoor targeted terror infrastructure across the border. The military operation reportedly neutralized over 100 militants, with both DGMOs agreeing on halting further action from 5 PM IST on May 10.
The rally was broad-based, with Nifty Bank rising nearly 1,600 points (+2.98%) and Nifty Midcap 100 gaining over 1,617 points (+3.04%). Except for pharma, all sectoral indices traded in the green.
Top gainers & themes today
IndiGo surged 7.31%, leading the airline pack alongside Global Vectra (+4.69%). Defence stocks like Zen Technologies (+5%), NIBE (+5%), and Axiscades Tech (+4.99%) also rallied amid improved sentiment.
Among the most active stocks on the BSE and NSE were Jio Financial, HDFC Bank, Bajaj Finserv, Trent, and L&T. The BSE Midcap and Smallcap indices rose 2% and 3% respectively.
This positive sentiment also coincided with a sharp 9.26% rally in Pakistan’s KSE100 index, signaling relief across South Asian markets after two days of panic selling.
