Sensex Rises Over 1,300 Points; Nifty Ends Above 22,800
(RTTNews) - Indian shares rallied on Friday after U.S. President Donald Trump announced a 90-day suspension of an additional 26 percent tariff on India, while maintaining a base tariff of 10 percent.
A weaker dollar in international markets and plunging oil prices on demand concerns also underpinned investor sentiment and helped offset worries about rising U.S.-China tensions.
China today escalated its trade dispute with the United States, announcing additional tariffs of up to 125 percent on a broad range of American goods.
Thursday's U.S. CPI data came in lower than expected, helping fuel expectations that the Federal Reserve could now cut rates either in the May or June FOMC meeting.
The benchmark S&P/BSE Sensex jumped 1,310.11 points, or 1.77 percent, to 75,157.26, while the broader NSE Nifty index closed at 22,828.55, up 429.40 points, or 1.92 percent, from its previous close.
The BSE mid-cap and small-cap indexes rallied 1.8 percent and 3 percent, respectively.
The market breadth was positive on the BSE, with 3,110 shares rising while 850 shares declined, and 119 shares closed unchanged.
Among the top gainers, Bajaj FinServ, Kotak Mahindra Bank, Adani Ports, Reliance Industries, NTPC, Power Grid Corp and Tata Steel soared 3-5 percent.
Biopharmaceutical company Biocon surged 4.1 percent after its wholly owned subsidiary, Biocon Pharma, secured approval from the U.S. Food and Drug Administration (USFDA) for Everolimus tablets.
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