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Sensex, Nifty Climb On Trade Deal Optimism
(RTTNews) - Indian shares rose notably on Wednesday, mirroring firm global cues after U.S. President Donald Trump announced trade agreements with Japan and the Philippines, easing concerns about the tariff war.
The prospects of an EU-U.S. trade agreement also improved after Trump said that EU representatives would come for trade negotiations on Wednesday.
Separately, U.S. Treasury Secretary Scott Bessent said he will meet his Chinese counterparts in Stockholm next week for their third round of trade talks and will work out what is likely an extension" to the current Aug. 12 deadline for negotiations.
Closer home, India and the United Kingdom are set to sign a free trade agreement (FTA) on Thursday, resetting bilateral trade ties and potentially increasing two-way trade by billions of dollars annually.
However, hopes for an interim India-U.S. trade deal remain dim due to ongoing tariff disputes on key agricultural goods.
The BSE Sensex surged 539.83 points, or 0.66 percent, to 82,726.64 while the broader NSE Nifty index closed up 159 points, or 0.63 percent, at 25,219.90.
Broader indexes followed suit, with the BSE mid-cap and small-cap indexes rising 0.2 percent and 0.1 percent, respectively.
The market breadth was strong on the BSE, with 2,025 shares rising while 2,003 shares declined and 170 shares closed unchanged.
The positive momentum was led by rate-sensitive auto and financial stocks.
Among the top gainers, ICICI Bank, Bajaj FinServ, Maruti Suzuki India, Bajaj Finance, Bharti Airtel and Tata Motors gained between 1 percent and 2.5 percent.
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