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Sensex, Nifty Climb On Eased EU-US Trade Tensions
(RTTNews) - Indian shares advanced on Monday, mirroring firm cues from global markets after U.S. President Donald Trump said he would delay imposing 50 percent tariffs on imports from the EU until July 9, backing of this threat to impose tariffs on goods from the European Union as soon as 1 June.
Investor sentiment was also bolstered by domestic factors such as optimism over India's growth outlook and the Reserve Bank of India's announcement of a record dividend payout of Rs 2.69 lakh crore to the central government for the financial year 2024-25.
India has overtaken Japan to become the world's fourth-largest economy and is now poised to surpass Germany to claim the third position within the next 2.5 to 3 years, NITI Aayog CEO B.V.R. Subrahmanyam said during a press conference following the 10th NITI Aayog Governing Council Meeting.
The benchmark 30-share BSE Sensex rose 455.37 points, or 0.56 percent, to 82,176.45, driven by gains in rate-sensitive auto and banking stocks.
The broader NSE Nifty index ended up 148 points, or 0.60 percent, at 25,001.15. The BSE mid-cap and small-cap indexes gained 0.6 percent and half a percent, respectively.
The market breadth was strong on the BSE, with 2,303 shares rising while 1,770 shares declined and 194 shares closed unchanged.
Nestle India, Tata Motors, HCL Technologies and Mahindra & Mahindra all rose around 2 percent while Eternal lost 4.5 percent following weightage cuts by global index providers FTSE and MSCI.
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