Benchmark equity indices Sensex and Nifty soared over 2% on Tuesday, after a global market rally under US President Donald Trump’s softened some of the tariffs on technology imports and hinted at duty reduction for vehicles. Rising for the second consecutive day, the 30-share BSE Sensex surged 1,577.63 points or 2.10% to end at 76,734.89. Driven by the across-the-board surge, it surged 1,750.37 points or 2.32 percent to 76,907.63 during the daytime.
Rising 500 points or 2.19 percent to 23,328.55, the NSE Nifty Intra-day, it mobilised 2.36% or 539.8 points to 23,368.35. Nearly all of the losses brought about by Trump’s reciprocal tariffs declared on April 2 have been recovered by the leading indices.
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Every BSE sectoral index closed in a green colour. Lead gainers, rising to 5% were BSE Realty, Auto, Capital Goods and Industrials.
Rising by 6.84% IndusInd Bank was the top gainer among Sensex shares. Tata Motors mobilised 4.50% of its capacity. Among the others that benefited were Larsen & Toubro, Axis Bank, Adani Ports, HDFC Bank, ICICI Bank, and HCL Tech.
The lone laggards were ITC and Hindustan Unilever
Donald Trump has suggested that he might temporarily exempt the auto industry from tariffs that were imposed earlier. In Asian markets, South Korea’s Kospi index, Tokyo’s Nikkei 225, Shanghai SSE Composite and Hong Kong’s Hang Seng settled in the positive territory. Markets in Europe were trading with gains. US markets ended higher on Monday.
Trump said he was temporarily exempting smartphones, computers and other electronic items from his tariffs.
Meanwhile, wholesale price inflation eased to 2.05 per cent in March, as against 2.38 per cent in February, government data showed on Tuesday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,519.03 crore on Friday, according to exchange data.
Global oil benchmark Brent crude dropped 0.52 per cent to USD 64.54 a barrel.
Sensex jumped 1,310.11 points or 1.77 per cent to settle at 75,157.26 on Friday. Nifty surged 429.40 points or 1.92 per cent to 22,828.55. Equity markets were closed on Monday for Dr Baba Saheb Ambedkar Jayanti.
Rupee Rises For Second Straight Session
Rising for the second straight session, the rupee jumped 33 paise to end at 85.77 (provisional) against the US dollar on Tuesday due to a sharp rise in equity markets and continuing weakness in the American currency amid global uncertainties.
At the interbank foreign exchange, the domestic unit opened at 85.85, the day’s lowest level, and touched the intra-day peak of 85.59 against the greenback. The unit ended the session at 85.77 (provisional against the dollar, registering a gain of 33 paise over the previous closing level.
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