Stock markets rebound, Sensex jumps 595 points on resumption of US-India trade talks

Mumbai: Stock markets rebounded on Tuesday with the benchmark Sensex climbing nearly 595 points on renewed optimism over the resumption of the India-US trade talks.

The 30-share BSE Sensex jumped 594.95 points or 0.73 per cent to settle at 82,380.69 following buying in auto and IT shares. During the day, it surged 657.74 points or 0.80 per cent to 82,443.48.

The 50-share NSE Nifty climbed 169.90 points or 0.68 per cent to 25,239.10.

Among Sensex firms, Kotak Mahindra Bank rose the most by 2.55 per cent. Larsen & Toubro, Mahindra & Mahindra, Maruti, Bharti Airtel and Tata Steel were also among the major gainers.

Asian Paints and Bajaj Finance closed with losses.

The BSE smallcap gauge climbed 0.66 per cent and midcap index went up by 0.62 per cent.

Among sectoral indices, services jumped the most by 1.67 per cent, followed by telecommunication (1.50 per cent), auto (1.43 per cent), teck (1.05 per cent), industrials (1.05 per cent), realty (1.02 per cent), consumer discretionary (0.96 per cent) and commodities (0.90 per cent). FMCG emerged as the only laggard.

The rupee appreciated 7 paise to close at 88.09 against the US dollar on Tuesday, tracking US-India talks on the proposed trade agreement to iron out issues in the wake of steep Trump Tariffs.

Foreign institutional investors (FIIs) offloaded equities worth Rs 1,268.59 crore on Monday, according to exchange data.