MUMBAI: The Indian stock markets ended higher on Tuesday, recovering from the flat opening due to the news of a possible mini trade deal between India and the United States late in the night.
Stock markets opened under pressure as concerns over US President Donald Trump’s fresh tariff measures took center stage. At the end of the trading session, the Sensex was up 270.01 points, or 0.32 per cent, at 83,712.51, and the Nifty was up 61.20 points, or 0.24 per cent, at 25,522.50.
The financial heavyweights helped Nifty and Nifty Bank close in the green. Kotak Bank remained the top gainer and rose over 3 per cent on a strong first-quarter update. Titan was the top Nifty loser, down 6 per cent after reporting below-estimate jewellery business growth.
“Today marked the third day the Nifty had opened and closed the market within a narrow range of 25,400 to 25,500. This shows the market is waiting for a trigger before the next move at the index level”, said V L A Ambala, co-founder of Stock Market Today. “The market remained in an uptrend position, showing no signs of reversal, but volatility is expected as crude, gold, and dollar prices may fluctuate due to the outcome of Donald Trump’s trade deal,” she said.
Observing the markets, Sundar Kewat, technical and derivatives analyst, Ashika Institutional Equity-Ashika Stock Broking, said despite global uncertainties stemming from US President Donald Trump’s announcement of 25-40 per cent tariffs on 14 nations, the Indian equity markets opened flat and traded largely sideways throughout the session
“Trump tariffs occupied centre stage, on expected lines, on Monday, as letters detailing tariffs were issued to 14 countries. Markets reacted slightly and were not in the panic mode of April 2nd to April 9th. Over the past 90 days, the markets have become more resilient, looking past the Trump policy ambiguity to Trump actions”, said Ajay Bagga, banking and market expert.
He added, “The big takeaway on Monday was that the July 9 tariff imposition deadline has been moved to August 1. This gives 23 more days for further negotiations, even to the 14 countries that were sent letters on Monday imposing tariffs”. (ANI)
