Sensex, Nifty Rally As IT, Bank Stocks Rebound
(RTTNews) - Indian shares bounced back on Wednesday, after having suffered heavy losses in the previous session amid heightened uncertainty over U.S. President Donald Trump's tariff announcements expected later in the day.
The new tariff rates, which will apply to all countries, will take effect immediately after they are announced at 2000 GMT.
The Washington Post reported that White House aides had drafted a plan for a 20 percent tariff on most U.S. imports.
The benchmark S&P/BSE Sensex jumped 592.93 points, or 0.78 percent, to 76,617.44, with banks and IT stocks leading the surge,
The broader NSE Nifty index closed up 166.65 points, or 0.72 percent, at 23,332.35 while the BSE mid-cap and small-cap indexes surged 1.4 percent and 1 percent, respectively.
The market breadth was positive on the BSE, with 2,861 shares rising while 1,090 shares declined, and 134 shares closed unchanged. Among the top gainers, Adani Ports, Tech Mahindra, Maruti Suzuki India, IndusInd Bank, Titan Company and Zomato soared 2-5 percent.
Indian bond yields fell sharply after the Reserve Bank of India's (RBI) announced it would buy Rs. 80,000 crores worth of bonds in April.
The move is being seen as a strategic step to ensure that banks can fully transmit potential interest rate cuts to borrowers.
Speculation is rife that the Monetary Policy Committee (MPC) may announce a 25 basis points cut in the policy repo rate during its upcoming April 7-9 meeting.
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