New Delhi: The BSE Sensex rose over 2,500 points around 12.56pm on Monday. The 50-pack Nifty was trading at 24,795.90, rising over 787.90 or by 3.28% around the same time on Monday. Even in the opening trade, Indian stock market was trading in green.
Know the gainers & losers: Adani Ports led the Sensex gainers, rising 3.88% to Rs 1,357.85. Bajaj Finance, Axis Bank, NTPC, Larsen & Toubro, Bajaj Finserv, Eternal, Power Grid and Reliance Industries rose over 3%each. Tata Steel gained 2.94% to 146.95 ahead of Q4 results. Sun Pharma and Indusland Bank were the losers.
What caused Sensex to soar?
Progress on US-China trade deal talks and cautious optimism over the India-Pakistan ceasefire after a day of calmness may have had a positive impact on the market, experts opined. The US is expected to share details on the progress of US and China trade talks on Market. Asian markets gained up to 1% amid such developments.
“The trade deal announcement between US and UK and reports of US and Chinese officials meeting in Switzerland on the weekend for trade discussions paved the way for broader negotiations and tariff de-escalation,” Devarsh Vakil, Head of Prime Research at HDFC Securities told Business Today.
Investors sentiment was also enhanced due to the fact that there was no major flare up between India and Pakistan overnight. “A thawing of the relationship between India & Pakistan is likely to trigger a massive rebound for benchmark Nifty early Monday trades, but that said any fresh violation of the ceasefire deal from Pakistan could keep bullish sentiment fragile. The constructive trade talks between the US and China may further bolster global sentiment,” PFB the pre-Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, told Business Today.
