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Sensex, Nifty Surge Over 2% As Tariff Concerns Ease
(RTTNews) - Indian shares rallied on Tuesday as traders returned to their desks after a long holiday weekend.
Sentiment was underpinned after the Trump administration announced a pause in tariffs for phones, computers and consumer electronics, though officials insisted it was only a pause before new tech tariffs are implemented.
Additionally, Trump said he was considering a modification to the 25 percent tariffs imposed on foreign auto and auto parts imports from Mexico, Canada and other countries, helping ease worries about a trade war.
The benchmark S&P/BSE Sensex jumped 1,577.63 points, or 2.10 percent, to 76,734.89 while the broader NSE Nifty index closed at 23,328.55, up 500 points, or 2.19 percent, from its previous close.
The BSE mid-cap and small-cap indexes soared 3 percent and 3.2 percent, respectively. The market breadth was positive on the BSE, with 3,308 shares climbing while 782 shares declined and 166 shares closed unchanged.
Among the top gainers, IndusInd Bank surged 6.8 percent while Tata Motors and Larsen & Toubro both jumped around 4.5 percent.
ICICI Bank, HDFC Bank, Adani Ports and Axis Bank climbed 3-4 percent.
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