Sensex, Nifty Follow Global Peers Higher; IT Stocks Take Lead As Tariff Worries Ease
(RTTNews) - Indian shares rose notably on Wednesday due to easing trade tensions and U.S. President Donald Trump's softer stance towards the Fed chairman.
Auto, pharma and IT stocks were at the forefront of the gains after both U.S. Treasury Secretary Scott Bessent and President Trump said that the tariff standoff with China cannot be sustained by both sides and there will be de-escalation.
Additionally, Trump toned down his rhetoric on Jerome Powell, saying he would like to see him be a little more active in terms of his idea to lower interest rates but have no intention to fire him.
His comments helped calm investor fears over the Fed's independence and the possible threat to U.S. monetary and fiscal credibility.
The benchmark S&P/BSE Sensex surged 520.90 points, or 0.65 percent, to 80,116.49, reclaiming the psychological 80,000 mark for the first time in over three months.
The broader NSE Nifty index closed at 24,328.95, up 161.70 points, or 0.67 percent, from its previous close.
The BSE mid-cap and small-cap indexes rose 0.9 percent and 0.3 percent, respectively. The market breadth was positive on the BSE, with 2,089 shares rising while 1,866 shares declined and 151 shares closed unchanged.
HCL Technologies soared 7.7 percent after delivering robust Q4 earnings and issuing positive guidance.
Peers TCS, Infosys and Tech Mahindra jumped 3-5 percent.
Among other prominent gainers, Sun Pharma, Mahindra & Mahindra and Tata Motors climbed 2-4 percent.
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