Sensex bounces 353 points; Nifty ends above the 11,000 mark
NEW DELHI: Wednesday's equity indexes ended in green with the benchmark index BSE sensex recovering more than 350 points when Washington delayed tariffs on some Chinese imports. U.S. President Donald Trump delayed his September 1 deadline for 10 percent tariffs on some Chinese imports that include a range of consumer goods.
Sensex moved 353 points or 0.96 percent higher to close at 37,312; while the broadest NSE Nifty closed 104 points or 0.95 percent higher at 11,029. The main winners in the BSE index include Vedanta, Tata Steel, Yes Bank, Tech Mahindra, Hero MotorCorp and Bharti Airtel, with an increase in their shares of up to 4.51 percent. 23 out of 30 shares in the sensex package witnessed earnings.
At NSE, with the exception of Nifty Pharma, all other sub-indices recorded gains with Nifty Media and Metal increasing to 2.76 percent.
The positive market reaction following the Trump movement followed several sessions dominated by negative headlines, Dhananjay Sinha, head of institutional research at Emkay Global Financial Services in Mumbai, told Reuters.
The sentiment in the manufacturing sector has been weak since the commercial war began (United States-China). Therefore, any positive news on that front is considered positive for the market, he added.
Investor sentiment also improved after government data, published on Tuesday, showed that the retail inflation rate had declined slightly in July.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net worth of Rs.638.28 million on Tuesday, while domestic institutional investors bought shares worth Rs 201.53 million, according to provisional data.
(With agency contributions)