Will the Sensex and Nifty Continue to Rise Amid Hopes for an India–US Trade Deal?
Synopsis
Key Takeaways
- Sensex opened up by 391 points, reaching 85,209.
- Nifty climbed 112 points to trade at 26,010.
- The Nifty Metal index led sector performance with a 1.44 percent increase.
- Major stocks like L&T and Tata Steel contributed significantly to market gains.
- Profit booking was observed in stocks such as Wipro and Infosys.
Mumbai, December 12 (NationPress) The Indian stock markets began the day on a positive trajectory on Friday, buoyed by a global market surge and increasing optimism that a trade agreement between India and the US could soon be reached. The positive sentiment was further amplified following a conversation between Prime Minister Narendra Modi and US President Donald Trump on Thursday, during which both leaders explored avenues to enhance economic collaboration as trade negotiations progress.
Upon the market's opening, the Sensex surged by 391 points, equivalent to 0.46 percent, reaching 85,209. Similarly, the Nifty saw an increase of 112 points or 0.43 percent, trading at 26,010.
A range of significant stocks contributed to the upward momentum, including L&T, Hindalco, Tata Steel, Ultratech Cement, Adani Ports, Bajaj Finance, BEL, NTPC, Axis Bank, Maruti Suzuki India, and Power Grid, which were among the top gainers.
Conversely, some stocks experienced profit-taking, resulting in declines for Wipro, Sun Pharma, HDFC Life, HUL, Eicher Motors, Infosys, and Tech Mahindra.
The broader markets also demonstrated strength, with the Nifty MidCap index rising by 0.42 percent and the Nifty SmallCap index increasing by 0.54 percent.
In terms of sector performance, the Nifty Metal index emerged as the top performer, soaring by 1.44 percent due to heightened buying interest.
Following closely were the Nifty Realty, Nifty Media, Nifty Private Bank, and Nifty Financial Services. In contrast, the Nifty FMCG index was the only sector experiencing a decline, albeit minor.
Analysts noted that the market sentiment remains optimistic, driven by global cues and expectations of advancements in the trade discussions between India and the United States.