Domestic stock markets closed sharply higher on Thursday after US President Donald Trump claimed that India has agreed to reduce tariffs to zero on a range of American goods as part of the bilateral trade deal.

The announcement lifted investor sentiment. The Sensex surged by 1,200.18 points, or 1.48 per cent, to end the day at 82,530.74. During the session, the index touched an intra-day high of 82,718.14.

The Nifty index also saw strong gains, closing above the 25,000 mark for the first time after October 2024, ending at 25,062.10.

The index gained 395.20 points, or 1.6 per cent, and traded in a range between 24,494.45 and 25,116.25 during the session.

Gold buyers in India have a reason to cheer as prices of the yellow metal saw a significant drop on Thursday.

The price of 24-carat gold fell by Rs 2,375 per 10 grams, bringing it down to Rs 91,484 from Rs 93,859, according to the India Bullion and Jewellers Association (IBJA).

The decline wasn’t limited to just 24-carat gold. The price of 22-carat gold also dropped, now standing at Rs 83,799 per 10 grams, down from Rs 85,975.

Similarly, 18-carat gold saw its price fall to Rs 68,613 from Rs 70,394 per 10 grams.

This marks a sharp turnaround from just a few weeks ago, when on April 22, the price of 24-carat gold had surged close to the Rs 1 lakh mark.

The Defence Research and Development Organisation (DRDO) has developed an indigenous seawater desalination technology, the Ministry of Defence said on Thursday.

Developed by the Defence Materials Stores and Research and Development Establishment (DMSRDE), the Kanpur-based laboratory of DRDO, the nanoporous multilayered polymeric membrane technology will be used for high-pressure seawater desalination in Indian Coast Guard (ICG) ships.

The technology for the desalination plant in Coast Guard ships is based on their operational requirements. It will also address the challenge of ship stability when exposed to chloride ions in saline water.

Notably, the development has been completed in a record time of eight months, the Ministry said.

India is ranked among the top 10 countries where the forest cover has increased over the years, according to an SBI Research report released on Thursday.

While India's forest cover remained constant from 1991-2011, it increased after that.

"The relationship between urbanisation and forest cover is U shaped...early-stage urbanisation leads to deforestation, but as urbanisation progresses, there is an increase in policies such as urban greening, forest conservation programmes, and sustainable land-use planning, which results in an eventual recovery of forest cover," according to the SBI report.

India is urbanising rapidly. According to Census 2011, India's urban population was 31.1 per cent of the total population, which is expected to increase to 35-37 per cent in census 2024.

The Indian equity indices opened in the red on Thursday as selling pressure was seen among heavyweights, like Power Grid, Kotak Mahindra Bank and Sun Pharma stocks.

At 9:26 am, Sensex was down 208 points or 0.26 per cent at 81,122 and Nifty was down 54 points or 0.22 per cent at 24,612.

Buying was seen across midcap and smallcap stocks. Nifty midcap 100 index was up 169 points or 0.30 per cent at 56,306 and Nifty smallcap 100 index was up 96 points or 0.56 per cent at 17,243.

On the sectoral front, auto, PSU Bank, metal, media, infra and commodities were major gainers. On the other hand, IT, FMCG, realty and energy were major losers.

The Himalyan Apple Growers Society has demanded an immediate ban on the import of apples from Turkey. The general secretary of the body, Rajesh Dhanta, has called for India to immediately withdraw its engagement in import in the economic interests of the Himalayan states.

The apple orchards of Himachal Pradesh, Uttarakhand, and Jammu and Kashmir stand as a testament to both economic sustenance and cultural identity, he said adding, yet, this legacy now faces an existential threat as the relentless influx of imported apples, particularly from Turkey, continues to disrupt the delicate balance of local trade.

Defence Minister Rajnath Singh is set to visit the Bhuj Airbase of the Indian Air Force (IAF) in Gujarat, sources said.

The visit is scheduled for Friday and will span two days.

The Bhuj Airbase holds significant strategic importance and has been targeted by Pakistani forces in the past. The Pakistani military had attempted to strike the Bhuj Airbase using drones procured from abroad. However, these attempts were thwarted, and the Pakistani plot was severely foiled.

Earlier, Prime Minister Narendra Modi visited the Adampur Airbase in Punjab, where he met IAF personnel. Now, Defence Minister Rajnath Singh will undertake a two-day visit to the Gujarat-based airbase, accompanied by the head of the Western Air Command of the Indian Air Force. Notably, Defence Minister Rajnath Singh recently reviewed the security situation along India's western border. The border areas of Rajasthan and Gujarat, which lie adjacent to Pakistan, are part of the western frontier.

Indian stock markets ended Wednesday’s session on a strong note, supported by gains in metal, real estate and technology shares.

Among the key highlights was the continued strength in domestic defence stocks, which have been gaining momentum for three straight sessions. The sector remained resilient and showed consistent buying interest from investors.

Despite some volatility during the day, investor sentiment remained positive, helping benchmark indices close in the green.

At the closing bell, the Sensex was up by 182 points or 0.22 per cent, settling at 81,330.56.

India’s annual rate of inflation based on the Wholesale Price Index (WPI) slowed to a 13-month low of 0.85 per cent in April, down from 2.05 per cent in March and 2.38 per cent in February, according to data released by the Ministry of Commerce and Industry on Wednesday.

The month-over-month change in WPI for April was in the negative zone at (-) 0.19 per cent as compared to the previous month of March, reflecting the declining trend in inflation.

There was a decline in prices of food as well as a double digit decline in fuel prices, compared to the previous month, which resulted in the overall month-on-month inflation rate turning negative.

Meanwhile, the country’s retail inflation has also come down from 3.16 per cent in April from 3.34 per cent in March to its lowest level since July, 2019 as food prices eased further bringing respite to household budgets, according to figures released by the Ministry of Statistics on Tuesday,

Chief of Defence Staff (CDS) General Anil Chauhan, along with the three service chiefs -- Army Chief General Upendra Dwivedi, Air Force Chief Air Chief Marshal A.P. Singh, and Navy Chief Admiral Dinesh Kumar Tripathi -- called on President Droupadi Murmu at Rashtrapati Bhavan on Wednesday to brief her on 'Operation Sindoor'.

As the Supreme Commander of the Armed Forces, the President was apprised of the details and outcomes of the operation, which was launched in response to the brutal killing of 26 people by terrorists in Pahalgam, Jammu and Kashmir, on April 22.

The armed forces launched 'Operation Sindoor' to neutralise the perpetrators. Strikes were carried out on terrorist camps located in Pakistan and Pakistan-occupied-Kashmir (PoK).

According to military sources, over 100 terrorists were eliminated during 'Operation Sindoor'.