Lagatar24 Desk
Mumbai: Indian stock markets witnessed a stormy rally on Friday, with both Sensex and Nifty opening in the green on the last trading day of the week. The Sensex jumped 1139 points to reach 74,986.15, while Nifty surged 374.80 points to trade at 22,277.95 in early trade.
By 9:25 AM, the Sensex had climbed further, gaining 1292.23 points to reach 75,139.38. Nifty also recorded a sharp rise of 420.15 points, trading at 22,819.75.
Market Overview: Most Stocks In Green
Out of the 30 stocks listed on the BSE Sensex, 28 stocks were trading in the green, with only two stocks in the red. Tata Motors emerged as the top gainer with a rise of 4.70%, while TCS saw a marginal decline of 0.02%.
Top gainers included Tata Motors, Sun Pharma, Tata Steel, Tech Mahindra, and HCL Tech. The only stocks in the losers’ category were TCS and Asian Paints.
Prominent stocks like Bajaj Finserv, Reliance, Adani Ports, Bajaj Finance, L&T, PowerGrid, NTPC, UltraTech Cement, HDFC Bank, Infosys, Mahindra & Mahindra, Titan, ICICI Bank, Maruti Suzuki, Bharti Airtel, SBI, Kotak Mahindra Bank, ITC, HUL, Nestle, and IndusInd Bank were all trading in the green.
US Tariff Relief Boosts Market Sentiment
The sharp rally comes after the US announced a 90-day tariff relief for India, effective until July 9. The positive move is expected to pave the way for a possible trade deal between India and the US, reducing the chances of renewed tariff imposition.
Ongoing trade deal discussions between the two nations have created a positive environment, raising hopes of a concrete agreement before the deadline.
Global Markets Also Positive
Globally, stock markets showed strength, with European markets gaining nearly 4% on Thursday. Asian markets also witnessed robust performance. Japan and Taiwan surged over 9%, South Korea gained 6.6%, Indonesia rose 4.8%, China climbed 1.2%, and Hong Kong added 2.1%.
Although US markets saw a slight decline on Thursday, Wall Street had recorded its biggest single-day gain in 17 years a day earlier.
Experts’ View
Market experts attributed the rally to positive global cues and the optimism surrounding the India-US trade deal, along with the 90-day tariff relief announcement.
