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Sensex settles nearly 400 pts higher from day's low, Nifty above 25,500: Trade deal optimism among key factors behind market rise
After moving in a narrow range for most of the session, the Sensex rose by 270.01 points or 0.32 percent to close at 83,712.51. The Nifty climbed 61.20 points or 0.24 percent to settle at 25,522.50, after a muted trading session.
Here are the key factors that contributed to the market’s rebound:
1) Trade deal optimism: India and the US are expected to announce a mini trade deal by 10 pm today.
Meanwhile, the 10 percent baseline US tariffs would remain, sectors such as textiles, garments and leather products could benefit from reduced duties.
However, agro and farm products are unlikely to be part of the agreement.
Ruchit Jain, Vice President at Motilal Oswal Financial Services, said expectations of a favourable outcome from the trade deal supported investor sentiment.
Nifty Midcap 100 index witnessed some consolidation in the past few sessions and bounced back from its 20 DEMA support today," he added.
Source: Moneycontrol
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