login
  • SUBSCRIBER
  • User Name
  • Password
  • Remember Me
ad
18 Oct 2019, 02:28 HRS IST
|
  • PTI
add
add
  • Markets regain footing as Trump rekindles trade truce hopes

  • Advertisement
  •  Share
  • Print Print
  •  E-mail
  • Comments Comment
  • [ - ] Text [ + ]
16:47 HRS IST



Mumbai, Aug 14 (PTI)
Equity benchmarks notched up smart gains on Wednesday as positive macroeconomic data and US delaying tariffs on some Chinese goods buoyed investor sentiment.



After surging 515 points during the session, the 30-share BSE Sensex settled 353.37 points or 0.96 per cent higher at 37,311.53.

The broader NSE Nifty reclaimed the 11,000-mark, jumping 103.55 points or 0.95 per cent to close at 11,029.40.

Asian markets closed in the positive territory after US President Donald Trump delayed tariffs on electronic goods from China, assuaging investor concerns over the prolonged US-China trade war.

Domestic investor sentiment got an additional boost as easing retail and wholesale inflation left room for the Reserve Bank to go for another round of rate cut in October, experts said.

While retail inflation eased marginally to 3.15 per cent in July, wholesale inflation fell to a two-and-half-year low of 1.08 per cent, government data showed.

Top gainers in the Sensex pack included Vedanta, Tata Steel, Yes Bank, Tech Mahindra, Hero MotoCorp, Bharti Airtel, SBI and Bajaj Finance and IndusInd Bank, which rose up to 4.83 per cent.

However, Sun Pharma, ONGC, Kotak Bank, Tata Motors, Asian Paints, HCL Tech and NTPC ended up to 4.58 per cent lower.

"Moderation in inflation and positive development between US-China on trade war boosted the market sentiment. Market is expecting another rate cut and supportive actions by the government.

"These points are going to define the trend of the market in the short-term. Any delay in measures can have an adverse impact on the market," said Vinod Nair, Head of Research, Geojit Financial Services.

Barring healthcare, all BSE sectoral indices ended in the green, led by metal, telecom, basic materials, capital goods, oil and gas, finance, bankex and teck, which gained up to 2.68 per cent.

The broader BSE midcap and smallcap indices ended up to 0.85 per cent higher.

Globally, enthusiasm on the US-China trade front was tempered by disappointing Chinese industrial growth data, while Germany's economy shrank by 0.1 per cent in the three months to June, hinting at a looming global recession.

Elsewhere in Asia, Hang Seng, Kospi, Shanghai Composite Index and Nikkei closed with gains. Equities in Europe, on the other hand, were trading in the red in early deals.

Meanwhile, the Indian rupee appreciated 13 paise to 71.27 against the US dollar intra-day.

Brent crude futures, the global oil benchmark, slipped 0.83 per cent to USD 60.79 per barrel.

  • Post your comments