Sensex, Nifty end higher as mkts shake off Trump’s tariff jitters
Mumbai: Benchmark equity indices Sensex and Nifty staged a comeback on Thursday following the last-hour buying in IT and banking shares, even as US President Donald Trump slapping an additional 25 per cent duty on Indian goods weighed on investor sentiment.
Rebounding around 926 points from the day’s low, the 30-share BSE Sensex edged higher by 79.27 points or 0.10 per cent to settle at 80,623.26. The index traded in the red for most of the session and hit a low of 79,811.29. However, fag-end buying helped recover losses and touch a high of 80,737.55.
The 50-share NSE Nifty went up by 21.95 points or 0.09 per cent to 24,596.15.
The latest US tariff action, imposition of an additional 25 per cent duty to take overall tariffs to 50 per cent on Indian goods over New Delhi’s continued imports of Russian oil, is likely to hit sectors such as textiles, marine and leather exports hard. India has slammed the action, calling it “unfair, unjustified and unreasonable”.
India will attract the highest US tariff of 50 per cent, along with Brazil.
Among Sensex firms, Tech Mahindra, HCL Tech, Eternal, Axis Bank, Maruti, Tata Steel, HDFC Bank and Asian Paints were the gainers.
However, Adani Ports, Trent, Tata Motors, Hindustan Unilever and NTPC were among the laggards.
The BSE midcap gauge climbed 0.30 per cent while smallcap index dipped 0.18 per cent.
Among sectoral indices, BSE Focused IT jumped 0.93 per cent, IT (0.73 per cent), healthcare (0.53 per cent), teck (0.41 per cent) and auto (0.25 per cent).
Telecom dropped 0.59 per cent, capital goods (0.41 per cent), commodities (0.37 per cent), power (0.36 per cent) and industrials (0.24 per cent).
As many as 2,193 stocks declined while 1,844 advanced and 154 remained unchanged on the BSE.
The rupee extended recovery for the second straight session and settled 14 paise higher at 87.58 against the US dollar on Thursday, backed by a weaker American currency amid volatile global sentiment following US’ move to raise duty on Indian goods up to 50 per cent as penalty for buying Russian oil.
In Asian markets, South Korea’s Kospi, Japan’s Nikkei 225 index, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng settled in positive territory. Markets in Europe were trading in the green. The US markets ended higher on Wednesday.
FIIs offloaded equities worth Rs 4,999.10 crore on Wednesday, according to exchange data.