The Indian stock market experienced a robust rally in early afternoon trading, with the S&P BSE Sensex gaining 820.32 points (1.12%) to reach 75,451.24 and the Nifty 50 climbing 286.70 points (1.23%) to 23,693.60. This surge was fueled by value buying and optimism surrounding easing geopolitical tensions and ongoing US-China trade discussions. Despite this positive trend, the broader market lagged, with the BSE 150 MidCap Index slightly declining by 0.04% and the BSE 250 SmallCap Index falling 0.61%. The Nifty PSU Bank index saw a rebound, advancing 1.58% to 6,191.95, after previously declining 7.09% over the past five sessions. Notable performers included Bank of Baroda and Bank of India, which rose by 1.89% and 1.49%, respectively. However, the economic backdrop was concerning, as India's Wholesale Price Index (WPI) inflation surged to 8.3% in April, primarily driven by rising fuel and crude oil prices, with fuel inflation alone spiking to 24.71%.