SENSEX jumps more than 500 pts, NIFTY50 hovers around 25,750; IDFC First Bank tumbles 20%, UPL down over 8%

The S&P BSE SENSEX rallied over 500 points, while the NSE's NIFTY50 index was comfortably trading above 25,750 levels.

However, analysts note that domestic macroeconomic data, monthly F&O expiry, and global developments following US President Donald Trump's tariff hike after the Supreme Court verdict are likely to keep equity markets volatile this week.

Besides, the trading activity of foreign investors, developments between the US and Iran, movements in crude oil prices, and global monetary signals will also guide market movement during the week, they added.

Trump on Friday levied a 10% tariff on countries, including India, for 150 days following the court ruling, and a day later raised it to 15%, heightening concerns of renewed trade tensions and potential global spillovers, analysts said.

In a major setback to Trump's pivotal economic agenda in his second term, the US Supreme Court ruled that the tariffs imposed by Trump on nations around the world were illegal and that the president had exceeded his authority when he imposed the sweeping levies by using the International Emergency Economic Powers Act (IEEPA) of 1977.

Buzzing stocks

In a regulatory filing made in the wee hours, IDFC First Bank said it has disclosed the matter to the banking regulator and also filed a police complaint.

Sectoral Watch

On the BSE, the biggest sectoral gainers were PSU banks. The BSE PSU BANK index traded 1.5% higher at 5,507.38 levels. On the NSE, the NIFTY PSU Bank index traded 1.36% higher.

Auto and metal stocks were also trading with decent gains.

On the other hand, IT stocks were in the red. The NIFTY IT index was down 0.41% at 31,872.35 levels.

Small- and mid-caps' performance

The BSE 150 MidCap Index was trading at 16,122.85, up 0.23%, while the BSE SmallCap Select Index was up 0.92% at 7,848.09 points.