Sensex, Nifty surge over 2 pc on global markets rally after Trump relaxes tariffs on electronics
Mumbai, Apr 15 (PTI): Benchmark equity indices Sensex and Nifty surged over 2 per cent on Tuesday, tracking a rally in global markets after US President Donald Trump relaxed some of the tariffs on electronics products and hinted at duty revision for automobiles.
Rallying for the second straight session, the 30-share BSE Sensex jumped 1,577.63 points or 2.10 per cent to settle at 76,734.89. During the day, it zoomed 1,750.37 points or 2.32 per cent to 76,907.63, driven by the across-the-board rally.
The NSE Nifty surged 500 points or 2.19 per cent to 23,328.55. Intra-day, it rallied 539.8 points or 2.36 per cent to 23,368.35. The key indices have recovered almost all the losses induced by Trump's reciprocal tariffs announced on April 2.
All the BSE sectoral indices closed in the green. BSE Realty, Auto, Capital Goods and Industrials were lead gainers, jumping up to 5 per cent.
IndusInd Bank was the lead gainer among Sensex shares, surging by 6.84 per cent. Tata Motors rallied 4.50 per cent. Larsen & Toubro, Axis Bank, Adani Ports, HDFC Bank, ICICI Bank and HCL Tech were also among the gainers.
ITC and Hindustan Unilever were the only laggards.
Trump has suggested that he might temporarily exempt the auto industry from tariffs that were imposed earlier.
"The rally is fuelled by the surprise pause in reciprocal tariffs which continued today led by the exemption on electronics goods also. Auto stocks gained on potential tariff relief and banking stocks benefited from deposit rate cuts.
"Domestically, the focus has shifted to the earnings season which has a weak forecast while global recovery and RBI’s accommodative stance are supporting sentiment," Vinod Nair, Head of Research, Geojit Investments Limited, said.
The BSE smallcap gauge jumped 3.21 per cent and midcap index rallied 3.02 per cent.
All BSE sectoral indices ended higher. Realty zoomed 5.81 per cent, Industrials soared 3.76 per cent, capital goods (3.67 per cent), auto (3.39 per cent), consumer discretionary (3.12 per cent), financial services (2.94 per cent) and metal (2.75 per cent).
As many as 3,302 stocks advanced while 785 declined and 169 remained unchanged on the BSE.
In Asian markets, South Korea's Kospi index, Tokyo's Nikkei 225, Shanghai SSE Composite and Hong Kong's Hang Seng settled in the positive territory. Markets in Europe were trading with gains. US markets ended higher on Monday.
Trump said he was temporarily exempting smartphones, computers and other electronics items from his tariffs.
"Benchmark indices extended the sharp gains on Tuesday, after Donald Trump carved out more exemptions from tariffs even as uncertainty continued. Broader mid and smallcaps also posted strong gains and so are all major sectors. Markets opened sharply higher on mostly positive global cues after the US removed smartphones and other electronics from its tariffs on China.
"Trump also suggested he might grant exemptions on the 25% levies for automobiles that are already in place, leading to a sharp rally in auto stocks. The latest tariff adjustments suggest the White House is recognizing the pressure on American consumers and the broader economy," Satish Chandra Aluri, Analyst, Lemonn Markets Desk, said.
Meanwhile, wholesale price inflation eased to 2.05 per cent in March, as against 2.38 per cent in February, government data showed on Tuesday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,519.03 crore on Friday, according to exchange data.
Global oil benchmark Brent crude dropped 0.52 per cent to USD 64.54 a barrel.
Sensex jumped 1,310.11 points or 1.77 per cent to settle at 75,157.26 on Friday. Nifty surged 429.40 points or 1.92 per cent to 22,828.55. Equity markets were closed on Monday for Dr Baba Saheb Ambedkar Jayanti.
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Prasidh, Kuldeep limit South Africa to 270 after De Kock's hundred
Visakhapatnam (PTI): India fought back gallantly through Prasidh Krishna and Kuldeep Yadav after Quinton de Kock struck his 23rd hundred, keeping South Africa to a manageable 270 in the third and series-deciding final ODI, here Saturday.
India won the toss after judging the spin of the coin incorrectly 20 times in a row. They had little hesitation in inserting the Proteas into bat, a clear indication of dew factor dominating the thought.
After Arshdeep Singh sent back Ryan Rickelton early, De Kock (106, 89b, 8x4, 6x4) struck his seventh century against India and put on 113 runs off 124 balls with skipper Temba Bavuma (48, 67b) as the visitors moved to a healthy position.
De Kock was severe on Prasidh (4/66), who erred on length continuously in his first spell (2-0-27-0). The left-hander biffed the pacer for 6, 6, 4 in his second over to milk 18 runs.
The 32-year-old quickly pounced on anything that was short, and pacers Prasidh and Harshit offered him plenty of feed on his pet areas.
Bavuma was more sedate, and made runs through those typical dabs and jabs, occasionally unfurling a drive of elan.
De Kock moved to fifty in 42 balls, and never let the tempo down reaching his hundred in 79 balls.
India found temporary relief when Ravindra Jadeja induced a false slash from Bavuma to get caught by Virat Kohli at point.
The tourists got another move on through a 54-run partnership between De Kock and Matthew Breetzkle for the third wicket, and at 168 for two in 28 overs they were in a good position to press on.
But Breetzke's punishment of part-time spinner Tilak Varma forced a rethink in the Indian camp, as skipper KL Rahul brought back Prasidh for a second spell.
What a masterstroke it turned out to be! The Karnataka man broke the back of South Africa’s top and middle order in an exceptional second spell (4-0-11-3).
Breetzke was the first man to go, trapped plumb in front with a straight one and four balls later Aiden Markram uppishly chipped a fuller delivery to Kohli at short covers.
Prasidh soon castled De Kock, whose ugly cross-batted swipe failed to connect a full length delivery from the pacer.
All of a sudden, SA found themselves at a shaky 199 for five, losing three wickets in the space of three overs.
Once Prasidh was done away with the top and middle-order, left-arm wrist spinner Kuldeep (4/41) took over and mopped up the tail as SA fell short of even a par total on this track.
