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Sensex, Nifty Rally On Tariff Relief Hopes
(RTTNews) - Indian shares rallied on Wednesday after reports emerged that U.S. President Donald Trump will "probably" announce a deal to reduce tariffs on Canada and Mexico.
A selloff in global equities paused as German leaders agreed to loosen the country's so-called debt brake and China ramped up stimulus to guard its economy from changes 'unseen in a century.'
There was also some cheer on the data front as a survey showed India's service activity expanded at an accelerated pace in February, boosted by improving domestic and foreign demand.
The HSBC final services Purchasing Managers' Index climbed to 59.0 in February from January's 26-month low of 56.5.
The benchmark S&P BSE Sensex ended the session up 740.30 points, or 1.01 percent, at 73,730.23, after having hit a high of 73,933.80 earlier on the back of falling oil prices and gains in rupee.
The broader NSE Nifty index hit an intraday high of 22,394.90 before closing at 22,337.30, up 254.65 points, or 1.15 percent, from its previous close.
The BSE mid-cap and small-cap indexes surged 2.7 percent and 2.8 percent, respectively after the recent sharp correction.
The market breadth was positive, with 3,241 shares rising while 771 shares declined and 89 shares closed unchanged.
Mahindra & Mahindra, Power Grid Corp, Adani Enterprises, Tata Steel and Adani Ports rallied 4-5 percent in the Nifty pack, while Bajaj Finance tumbled 3.4 percent, IndusInd Bank lost 1.4 percent and HDFC Bank gave up a little over 1 percent.
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