- MUMBAI — Indian stock markets saw a strong rally on Tuesday as benchmark
indices surged over the 90-day reciprocal tariffs relief by the US
administration, amid similar relief likely for the automotive sector.
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- The Sensex opened with a sharp jump of nearly 1,700
points at 76,852 and quickly touched the intra-day’s high of 76,908. The index
then moved in a narrow range near the day’s peak, supported by strong buying in
private banks, metal stocks, IT companies, and infrastructure-related shares.
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- By the end of the session, the Sensex had gained 1,578
points, or 2.1 per cent, to close at 76,735. Among the index heavyweights, HDFC
Bank, ICICI Bank, and Axis Bank together accounted for nearly 50 per cent of
the day’s gains, contributing around 750 points to the overall rally.
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- Similarly, the Nifty opened at its day’s high of 23,368
and settled just slightly lower at 23,329, rising 500 points or 2.2 per cent
for the day.
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- Global markets, especially in the US, have recently seen
a smart rebound, largely on hopes that President Donald Trump may announce more
tariff exemptions, which lifted investor sentiment worldwide.
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- “Markets are adjusting the new reality of daily Trump
twists and turns,” said Vikas Gupta, CEO and Chief Investment Strategist at
OmniScience Capital. He added that sometimes when tariffs look like they have
been temporarily removed the markets will react positively, when something
unexpected happens they will react negatively.
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- Among the top gainers on the Nifty were IndusInd Bank,
Shriram Finance, Larsen & Toubro, Tata Motors and Axis Bank.
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- Broader market indices, including the Nifty 500, Midcap,
and Small Cap indices, also traded firmly in the green.
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