Sensex, Nifty surge over 1 pc despite geopolitical tensions
Despite the ongoing geo-political tensions, the Indian stock markets witnessed a strong rally on Monday
- MUMBAI — Despite the ongoing geo-political tensions, the Indian stock
markets witnessed a strong rally on Monday, with both Sensex and Nifty surging
over 1 per cent during intra-day trade, while broader markets also seeing brisk
buying.
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- Around 1:15 pm, the Sensex was trading at 80,259.03, up
by 1,046.5 points or 1.32 per cent, while the Nifty jumped nearly 300 points to
trade above 24,300 during the intra-day session.
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- Hopes of a new India-US trade deal also played a major
role in lifting investor sentiment, along with strong corporate earnings and
positive global cues, leading to a steady surge across the markets.
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- Reports suggested that India and the US might soon
finalise a bilateral trade agreement (BTA). If that happened, India could become
the first country to avoid reciprocal tariffs with the US.
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- The agreement was expected to open up opportunities for
Indian companies in sectors like telecommunications equipment, biotechnology,
artificial intelligence, pharmaceuticals, quantum computing, and
semiconductors.
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- Investors hoped that China would announce more stimulus
measures to support its economy, which further helped global market sentiment.
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- While US futures showed a slightly muted trend during the
session, the overall sentiment remained positive.
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- Pharma stocks were among the top performers on Monday.
The Nifty Pharma Index and the NSE Healthcare Index both rose nearly 2 per cent
during the intra-day trade.
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- The sector got a boost from the calmness around further
US tariff announcements and the historical trend of positive returns for pharma
stocks in April. Investors also looked forward to key pharma earnings next
month.
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- Earlier, the Indian equity benchmark indices opened
higher amid mixed global cues, as buying was seen in the PSU bank and financial
service sectors in the early trade.
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