Sensex, Nifty End Notably Higher As India-US Trade Talks Resume
(RTTNews) - Indian shares rose notably on Tuesday as the U.S. and India stepped up talks to resolve their trade tensions, with two separate teams of officials meeting in New Delhi this week, following weeks of diplomatic friction.
Any progress on the India-U.S. trade deal front largely hinges on Washington rolling back the Russian oil-linked additional 25 percent duty on India, and no breakthrough is likely without it, trade-focused think tank Global Trade Research Initiative (GTRI) has said.
Positive cues from global markets also boosted sentiment as investors braced for a 25-bps rate cut from the U.S. Federal Reserve.
The benchmark BSE Sensex surged 594.95 points, or 0.73 percent, to 82,380.69, after having snapped a five-day winning streak in the previous session.
Similarly, the broader NSE Nifty index jumped 169.90 points, or 0.68 percent, to 25,239.10, after having snapped an eight-session winning streak on Monday.
The BSE mid-cap and small-cap indexes climbed 0.6 percent and 0.7 percent, respectively.
The market breadth was strong on the BSE, with 2,513 shares rising while 1,603 shares declined and 193 shares closed unchanged.
Among the top gainers, Axis Bank, Tata Steel, Bharti Airtel, Maruti Suzuki India, Mahindra & Mahindra, Larsen & Toubro and Kotak Mahindra Bank rallied 2-3 percent.
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