Mumbai, Dec 12: Indian stock markets gained for the second straight session on Friday, supported by a strong global rally and heavy buying in metal stocks.

Sentiment also improved after Prime Minister Narendra Modi spoke with US President Donald Trump on Thursday to discuss strengthening economic ties, as both countries continue working toward a trade agreement.

At the closing bell, the Sensex had risen 449.53 points, or 0.53 per cent, to 85,267.66.

The Nifty also moved higher, adding 148.40 points, or 0.57 per cent, to trade at 26,046.95.

“In the near term, the trend is likely to remain constructive as long as the index holds above 25,900, which is expected to serve as a key support level,” experts said.

“On the higher side, the index may move towards 26,300 in the short term,” they added.

Several major stocks led the gains on the Nifty, including Tata Steel, Eternal, UltraTech Cement, L&T, Maruti Suzuki, Bharti Airtel, Adani Ports, Axis Bank and Bajaj Finance.

However, some stocks came under pressure due to profit booking. HUL, Sun Pharma, Asian Paints, ITC, Power Grid and HCL Tech were among the top losers.

In the broader markets, the Nifty MidCap index rose 1.18 per cent, while the Nifty SmallCap index advanced 0.94 per cent.

Sector-wise, the Nifty Metal index led the rally with a jump of 2.63 per cent, followed by realty, consumer durables and oil and gas. The FMCG and media sectors slipped into the red.

Meanwhile, silver prices in India continued their sharp upward trend. Silver futures crossed the historic Rs 2 lakh per kg mark for the first time on Friday, extending a rally that has pushed the metal up nearly 130 per cent so far this year.

Experts said that the combined boost from global cues, strong sectoral performance and improving geopolitical engagement helped the markets end the week on a positive note.

Thane: The Anti-Extortion Squad of the Crime Branch, Thane, acting on secret information, raided a gang involved in the illegal sale of Mephedrone (M.D.) and arrested two accused. Police seized 108.8 grams of Mephedrone worth Rs 10.88 lakh, a country-made pistol, and a live cartridge—totaling Rs 11.41 lakh.

According to the sequence of events, on the night of December 8 around 10:50 PM, the police team raided Shri Gajanan Residency in Adavali-Dhokali, Kalyan East, and caught Aakib Iqbal Bagwan (33). A large quantity of M.D. and an unlicensed country-made pistol were recovered from his possession. Further probe revealed that Bagwan was already wanted in two NDPS cases at Bazarpeth Police Station, Kalyan.

During interrogation, Bagwan disclosed that the pistol was supplied to him by Bharat Shatrughna Yadav. Using technical investigation and confidential sources, the police detained Yadav as well. A live cartridge was recovered from him during the search.

A case has been registered against both the accused at Manpada Police Station under relevant sections of the NDPS Act, the Indian Arms Act, and the Maharashtra Police Act.

The operation was carried out under the guidance of DCP Amarsingh Jadhav and ACP Vinay Ghorpade by Senior Police Inspector Shailesh Salvi, Assistant Police Inspector Sunil Tarmale, and team members Bhosle, Kanade, Thakur, Rathod, Shinde, Patil, Gaikwad, Jadhav, Gadge, Pavaskar, Hivare, Waykar, Shejwal, and Bhosle.

Mumbai: Amid anti-government slogan-shouting that culminated in an opposition walkout, the state government on Friday announced that a comprehensive plan will soon be drafted for the self-redevelopment of old housing societies in Mumbai, particularly those under the Slum Redevelopment Authority (SRA) and the earlier Slum Redevelopment (SRD) schemes.

The issue of dilapidated houses posing dangers to residents in slum rehabilitation schemes was raised by member Sachin Ahir during question hour in the state legislative council. He said that rehabilitated and earlier developed housing schemes are now nearly four decades old and urgently require redevelopment.

Replying on behalf of Deputy Chief Minister Eknath Shinde, Tourism Minister Shambhuraj Desai told the House that the July 23, 2025 housing policy includes provisions for redeveloping old and precarious buildings. He added that SRA has been directed to amend DCPR-2034 rules and by-laws to enable such redevelopment. A joint plan by the urban development and housing departments will be finalised within two months.

The minister said the government has received the report submitted by the Pravin Darekar-led Cooperative Housing Societies Self-Redevelopment – Cluster Redevelopment Study Committee. The urban development, housing, and cooperation departments have been instructed to study the report and incorporate feasible recommendations before submitting a final proposal to the government.

Darekar, present in the House, said he has already submitted a 300-page report to Chief Minister Devendra Fadnavis and Deputy Chief Minister Eknath Shinde. He said the recommendations aim to fast-track pending redevelopment projects and ensure residents’ interests are protected, offering relief to thousands of Mumbai families seeking modern, upgraded homes.

He also sought additional FSI and relaxations on conditions such as mandatory road width to make self-redevelopment projects financially viable. Since the 2019 policy was launched, 18 of 19 key demands have been met. To address evolving needs, a new committee was formed in April 2025 which has submitted practical suggestions.

Senior Shiv Sena (UBT) leader Anil Parab highlighted that several housing projects developed under Mumbai’s SRD scheme—launched in 1991 as the original Slum Redevelopment Scheme—have now become dilapidated. He urged the government to bring these buildings under the scope of the new self-redevelopment policy. The SRD scheme was the precursor to the present SRA, established in 1995.