Sensex springs up as trade tensions ease

Sensex springs up as trade tensions ease”

The surge in the sensex came on the back of analysts' opinions that pointed towards only limited damage to the global economy due to US President Donald Trump's decision to impose $60 billion worth of tariffs on Chinese goods and a retaliatory $3 billion worth of tariffs imposed on US goods coming into China.

The Sensex rose 469.87 points, or 1.44%, to close at 33,066.41 while the Nifty rose 132.60 points, or 1.33%, to close at 10130.65 on Monday.

Mumbai- Positive cues from the European markets, along with healthy buying in banking, consumer durables, auto and metal stocks, pushed the key Indian equity indices to provisionally close on a higher note on Monday.

YES Bank, State Bank of India, HDFC Bank, Tata Steel and HDFC were the top gainers on BSE, rising as much as 5.67%.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs. 1,628.19 crore, while domestic institutional investors (DIIs) sold equities to the tune of Rs. 935.41 crore last Friday, provisional data showed.

Also, short-covering by speculators ahead of March F&O expiry, and an appreciating rupee against the dollar added to the upmove.

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In the global markets, European stocks edged higher and Asian stocks reversed earlier losses on hopes that talks between the United States and China could prevent any escalation of the trade dispute between the two countries.

In the Asian region, Japan's Nikkei ended 0.72% higher and Hong Kong's Hang Seng rose 0.79%, while Shanghai Composite Index shed 0.60%.

The rupee strengthened by 9 paise to hit a four-week high of 64.78 against the U.S. dollar today as bond yields fell 25 basis points after the government announced lower-than-expected borrowing plan for the first half of FY19.

After the sharp sell-off late last week due to trade tensions, risk appetite re-emerged following reports that the Donald Trump administration was in talks with China to lower tariffs on cars and open its market to U.S. financial services.

Meanwhile, the benchmark BSE Sensex rose 233.41 points, or 0.70 per cent, to 33,299.82 points in early trade today.

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