Indian markets surged to their highest levels of the day in the late afternoon session, driven by value buying. The BSE showed no losing sectoral indices. Positive sentiment was bolstered by Reserve Bank of India Deputy Governor M Rajeshwar Rao’s statement that India’s financial system is currently stronger and the economy is outperforming global trends. Additionally, the RBI's draft guidelines requiring banks to hold extra liquidity buffers for accounts with internet and mobile banking (IMB) facilities were noted by traders.

On the global front, Asian markets were mixed as strong U.S. GDP data and cooling inflation hinted at a possible soft landing for the world's largest economy. European markets were up, supported by the robust U.S. GDP growth and signs of cooling inflation, which could lead the Federal Reserve to cut interest rates soon. A former Fed official suggested that delaying rate cuts until September could unnecessarily heighten the risk of a recession.

The BSE Sensex was trading at 81,146.91, up by 1,107.11 points or 1.38%, within a range of 80,013.60 to 81,288.89. There were 28 advancing stocks against 2 declining stocks on the index.

Broader indices also showed gains; the BSE Mid cap index rose by 2.12%, while the Small cap index increased by 1.06%.

The top gaining sectoral indices on the BSE included Metal up by 3.25%, Telecom up by 2.96%, TECK up by 2.56%, Basic Materials up by 2.40%, and Utilities up by 2.20%.

The top gainers on the Sensex were Adani Ports up by 3.35%, JSW Steel up by 3.28%, Bharti Airtel up by 3.25%, Tata Steel up by 3.24%, and Infosys up by 2.94%. On the downside, Nestle fell by 0.70% and Hindustan Unilever by 0.03%.

Union Minister of Commerce and Industry Piyush Goyal called for collaboration within the Leather and Footwear Industry to develop a Design Studio with state-of-the-art infrastructure and competitive designs globally. He urged the industry to target $50 billion in exports by 2030 and emphasized the importance of Quality Control Orders (QCOs) to ensure product quality and promote the Make in India brand. Goyal assured that the government would streamline the QCO certification process and exempt micro and small units under MSME from QCOs.

The CNX Nifty was trading at 24,783.60, up by 377.50 points or 1.55%, within a range of 24,410.90 to 24,818.25. There were 47 advancing stocks against 3 declining stocks on the index.

The top gainers on Nifty included Shriram Finance up by 10.00%, Divi's Lab up by 5.47%, Apollo Hospital up by 4.29%, Wipro up by 3.93%, and Adani Enterprises up by 3.72%. The top losers were ONGC down by 1.35%, Dr. Reddy's Lab down by 0.79%, and Nestle down by 0.72%.

Asian markets showed a mixed trend; Jakarta Composite gained 48.85 points or 0.67% to 7,289.13, KOSPI increased 21.25 points or 0.78% to 2,731.90, Hang Seng advanced 16.34 points or 0.1% to 17,021.31, and Shanghai Composite was up by 4.16 points or 0.14% to 2,890.90. However, Straits Times fell by 3.87 points or 0.11% to 3,426.58, Nikkei 225 slipped by 202.1 points or 0.54% to 37,667.41, and Taiwan Weighted dropped by 752.63 points or 3.4% to 22,119.21.

European markets were trading higher; the UK’s FTSE 100 increased by 72.82 points or 0.89% to 8,259.17, France’s CAC rose by 71.2 points or 0.96% to 7,498.22, and Germany’s DAX was up by 39.36 points or 0.22% to 18,338.08.