Benchmark stock index Sensex zoomed 2,072 points while the broader Nifty closed above the 25,700 level on Tuesday after India and the US agreed to a trade deal under which Washington will bring down the reciprocal tariff on Indian goods to 18 per cent.
The 30-share BSE barometer closed at 83,739.13, up 2,072.67 points or 2.54 per cent, logging its best single-day gain in the past eight months. The index started the trade on a buoyant note, and later jumped 4,205.27 points or 5.14 per cent to hit the day’s high of 85,871.73. The 50-share NSE Nifty zoomed 639.15 points or 2.55 per cent to settle at 25,727.55. During the day, it surged 1,252.8 points or 4.99 per cent to 26,341.20.
India and the US have agreed to a trade deal under which Washington will bring down the reciprocal tariff on Indian goods to 18 per cent from the current 25 per cent, US President Donald Trump said on Monday after a phone conversation with Prime Minister Narendra Modi.
From the 30 Sensex firms, Adani Ports surged 9.12 per cent. The other prominent winners were Bajaj Finance, InterGlobe Aviation, Power Grid, Sun Pharma, Bajaj Finserv and Reliance Industries. Tech Mahindra and Bharat Electronics were the only laggards.
The trade deal also propelled a sharp rally in textile, leather, gems and jewellery, seafood exports and specialty chemicals stocks.
Market breadth turned decisively positive, led by export-oriented and commodity-linked sectors like textiles, chemicals and auto ancillaries, while financials, realty, pharma, and IT stocks also participated in the upmove. Mid and smallcap stocks joined the rally on strong risk-on sentiment and short-covering activity.
Among indices, services jumped 4.86 per cent, followed by realty (4.79 per cent), power (4.79 per cent), utilities (3.92 per cent), capital goods (3.71 per cent), industrials (3.44 per cent), consumer discretionary (3.06 per cent), metal (2.85 per cent), healthcare (2.83 per cent) and financial services (2.83 per cent). A total of 3,304 stocks advanced while 981 declined and 137 remained unchanged on the BSE.
Foreign institutional investors offloaded equities worth Rs 1,832.46 crore on Monday, while domestic institutional investors bought stocks worth Rs 2,446.33 crore, according to exchange data. The Sensex had jumped 943.52 points or 1.17 per cent on Monday to settle at 81,666.46. The Nifty climbed 262.95 points or 1.06 per cent to end at 25,088.40.
Also read: India-US trade deal sparks record rally; Sensex up 3,600 pts
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