Sensex, Nifty Extend Gains For Second Day On Tariff Relief Hopes
(RTTNews) - Indian shares rose notably on Thursday, extending the previous session's sharply rally, as U.S. tariff concerns eased and China's finance ministry left the door open to more stimulus measures on top of those announced at the annual parliament meeting this week.
Firm global cues underpinned sentiment as the Trump administration has announced a one-month delay on tariffs affecting cars entering the U.S. from Canada and Mexico, raising hopes for negotiations.
However, the broader 25 percent duties imposed on Canada and Mexico remain in effect with no resolution in sight and more levies are set to begin in April.
The benchmark 30-share BSE Sensex jumped 609.86 points, or 0.83 percent, to 74,340.09.
The broader NSE Nifty index closed at 22,544.70, up 207.40 points, or 0.93 percent, from its previous close.
The BSE mid-cap and small-cap indexes surged 0.7 percent and 1.6 percent, respectively.
The market breadth was positive, with 2,987 shares rising while 1,009 shares fell and 107 shares ended unchanged.
Market heavyweight Reliance Industries added 3 percent.
Asian Paints soared 4.8 percent and shares of state-run oil marketing firm BPCL rallied 3.6 percent after oil prices hit multi-year lows amid trade war worries and fears of oversupply in the market.
Metal stocks surged, with Hindalco and Coal India both rising around 4 percent, as the dollar declined in international markets to hover near a four-month low on signs of a weakening U.S. economy and uncertainty about the impact of Trump's tariff policies on inflation and interest rates.
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