New Delhi [India], April 23 (ANI): Indian stock indices remained in the green for the seventh straight session, and in the process, Sensex regained the 80,000 levels. Sensex is still some 6,000 points from its peak.
Market experts say that the positive bias in Indian equities is likely due to the return of foreign institutional investments.
Expectations that the Trump administration’s tariffs would not negatively impact India also supported the latest rally in domestic stocks.
Sensex closed at 80,116.49 points, up 520.90 points or 0.65 per cent, and Nifty closed at 24,282.35 points, up 115.10 points or 0.48 per cent, respectively.
Vinod Nair, Head of Research, Geojit Investments Limited, “The Indian equity market sustained its positive momentum, driven by better outcome from the latest set of IT results and optimistic forward-looking comments…While US-China trade tensions appear to be easing, a rally in US tech stocks has further bolstered global market sentiment overall. The mixed domestic Q4 earnings and uptick in crude prices, along with the recent outperformance of the domestic market, can trigger some consolidation in the near term.”
Indian stock indices have seen some upward movement since Trump’s decision to pause the reciprocal tariffs on dozens of countries, including India, for 90 days. The tariffs had initially set off a sell-off in equities globally, and India was no exception.
India’s retail inflation reached a 67-month low in March, providing some support to the stock indices.
“We are of the view that, as long as the market (Nifty) is trading above 24,150/79500, the bullish sentiment is likely to continue,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
Since assuming office for his second term in January, President Donald Trump has reiterated his stance on tariff reciprocity, emphasising that the United States will match tariffs imposed by other countries, including India, to ensure fair trade. (ANI)
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