New Delhi: The Indian stock market witnessed a sharp rally on Thursday as the Sensex surged more than 1,300 points, buoyed by US President Donald Trump’s announcement of a 90-day pause on trade tariffs, including for India.
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Investor Sentiment Gets a Boost
The announcement provided a strong lift to investor confidence in Indian equities, even as Asian markets showed mixed trends due to ongoing trade war tensions between the US and China.
Market Performance Highlights
- Sensex closed at 75,157.26, up 1,310.11 points or 1.77%
- Intra-day high: 75,467.33
- Intra-day low: 74,762.84
- Nifty surged 429.40 points or 1.92% to settle at 22,828.55
Technical View on Nifty
Despite the surge, the Nifty faced resistance around its 21-EMA on the daily chart, closing below its intra-day high.
“The trend remains bearish unless Nifty crosses 23,000 decisively. Support is seen at 22,750,”
said Rupak De of LKP Securities.Also Read: Sensex, Nifty Open Higher After Trump Pauses Tariffs till July 9
Broad-Based Market Rally
Strong buying was seen across all sectors:
- BSE Midcap index: up 1.84%
- Smallcap index: up 3.04%
- All major sectoral indices ended in green
Top performing sectors:
- Metal
- Energy
- Pharma
- Auto
- Banking
The Nifty Metal index emerged as the top gainer, jumping over 4%.
Top Nifty Gainers
- Hindalco: up 6.52%
- Tata Steel, JSW Steel, Coal India: each gained between 4.4% to 4.8%
Global Market Reaction
Asian markets remained under pressure:
- Japan’s Nikkei 225, South Korea’s KOSPI, and Singapore’s Straits Times ended in the red
This follows China’s counter move to impose up to 125% tariffs on US goods, after Trump raised tariffs on Chinese imports to 145%.
Rupee Strengthens Amid Optimism
The Indian rupee gained 0.70, trading at 86.00 per dollar, supported by:
- A weaker dollar index
- Positive sentiment from the US tariff pause on Indian goods
Analyst View
“Despite global uncertainty, Indian markets rallied on the back of a temporary reprieve in global trade tensions,”
market experts noted, highlighting the broad-based strength across sectors.