Indian shares rebounded today with Sensex rising 403 points to 35,756, ending a nine-day losing run. The broader Nifty settled at 10,735, up 1.25%. Global markets have rallied over the past few days as investors bet the latest round of talks between the US and China would yield a trade deal, putting an end to a protracted tariff war.
Further lifting global stocks, US President Donald Trump said on Tuesday that trade talks with China were going well and suggested he was open to pushing off the deadline to complete negotiations, saying March 1 was not a “magical” date.
Tariffs on $200 billion worth of Chinese imports are scheduled to rise to 25% from 10% from March 1 if the world’s two largest economies do not settle their trade dispute.
“For Nifty, 10,600 is an important support region. In the absence of any key price triggers, that has acted as temporary bounce point,” said Anand James, chief market strategist at Geojit Financial Services, adding that the market is also tracking progress in the China-U.S. talks.
Later in the day, the US Federal Reserve will release the minutes from its January meeting. Back home, the RBI is scheduled to release the minutes of its February meeting on Thursday.
IT stocks bounced back after two days of losses. Shares of Infosys Ltd rose 2%.
Financial stocks such as Yes Bank, SBI and energy stocks such as Reliance Industries Ltd were also among the biggest gainers. Yes Bank advanced 2.5% while RIL rose 1.5%.
Metal stocks also posted strong gains with Vedanta and Tata Steel both surging over 4% each. (With Agency Inputs)