Sensex, Nifty jump in early trade amid hopes of successful conclusion in India-US trade talks
Equity benchmarks Sensex and Nifty surged in early trade Wednesday after US President Donald Trump expressed confidence in a “successful conclusion” of trade talks with India. A rally in IT stocks and fresh FII inflows further lifted market sentiment.
Mumbai: Equity benchmark indices Sensex and Nifty jumped in early trade on Wednesday, after the US President Donald Trump said he feels “certain” that there will be “no difficulty” on a “successful conclusion” of trade talks with India.
A rally in IT stocks also instilled optimism in the markets.
The 30-share BSE Sensex jumped 442.59 points to 81,543.91 in early trade. The 50-share NSE Nifty rallied 124.2 points to 24,992.80.
From the Sensex firms, HCL Tech, Tata Consultancy Services, Tech Mahindra, Larsen & Toubro, Infosys and Kotak Mahindra Bank were among the major gainers.
However, Mahindra & Mahindra, Maruti, Tata Motors and Sun Pharma were among the laggards.
Signalling a thaw in the bilateral chill between India and the US, President Donald Trump has said he feels “certain” that there will be “no difficulty” for the two countries to come to a “successful conclusion” in trade talks and he looks forward to speaking with his “very good friend” Prime Minister Narendra Modi in the coming weeks.
In a post on Truth Social on Tuesday, the US President said he was “pleased to announce that India, and the United States of America, are continuing negotiations to address the Trade Barriers between our two Nations.” “I look forward to speaking with my very good friend, Prime Minister Modi, in the upcoming weeks. I feel certain that there will be no difficulty in coming to a successful conclusion for both of our Great Countries!” he said.
Responding to the post, Prime Minister Modi in a post on X on Wednesday expressed confidence that the ongoing negotiations will pave the way for unlocking the limitless potential of the partnership between them.
VK Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd, said, “A major positive for the market today comes from President Trump’s initiative to improve India-US relations and PM Modi’s positive response to the same.” In Asian markets, South Korea’s Kospi, Japan’s Nikkei 225 index, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng traded in positive territory.
US markets ended higher on Tuesday.
Foreign Institutional Investors (FIIs) tuned buyers on Tuesday after days of offloading equities. They bought stocks worth Rs 2,050.46 crore, according to exchange data.
Global oil benchmark Brent crude climbed 0.87 per cent to USD 66.95 a barrel.
On Tuesday, the 30-share BSE Sensex climbed 314.02 points or 0.39 per cent to settle at 81,101.32. The Nifty rallied 95.45 points or 0.39 per cent to 24,868.60, registering its fifth day of gain.
