Stock Market
Markets rally big after US envoy calls India White House’s ‘most important ally’
Mumbai/IBNS: The Indian stock market on Monday erased last week’s losses, with benchmark indices closing higher amid optimism over India–US trade talks.
The BSE Sensex rose 301.93 points to settle at 83,878.17, while the NSE Nifty 50 ended the session at 25,790.25, gaining 106.95 points or 0.42 per cent.
Markets snapped a losing streak after newly appointed US Ambassador to India Sergio Gor gave a positive update on the ongoing India–US trade deal negotiations, describing India as the White House’s most important ally.
Speaking after assuming charge, Gor said there was “no other country more important as an ally than India,” underscoring Washington’s commitment to strengthening bilateral ties.
“Many of you have asked me for an update on the ongoing trade deal negotiations. Both sides continue to actively engage. In fact, the next call on trade will occur tomorrow. India is the world’s largest nation,” Gor said.
“So it’s not an easy task to get this across the finish line, but we are determined to get there. While trade is very important for our relationship, we will continue to work closely together on other critical areas such as security, counter-terrorism, energy, technology, education and health,” he added.
Heavyweight stocks including Tata Steel, Asian Paints, Trent, TCS, ICICI Bank, Bharti Airtel, Adani Ports and Reliance Industries contributed to the market’s gains during the session.
Among individual stocks, Jyoti Global Plast Ltd. (up 19.96 per cent), Sudeep Pharma Ltd. (up 10 per cent), Balaji Phosphates Ltd. (up 10 per cent) and GVP Infotech Ltd. (up 7.94 per cent) emerged as the top gainers.
On the losing side, Encompass Design India Ltd. (down 14.01 per cent), Manglam Infra & Engineering Ltd. (down 8.70 per cent), California Software Company Ltd. (down 8.46 per cent) and Aakaar Medical Technologies Ltd. (down 7.70 per cent) were among the major laggards. IndiGo, HDFC Bank and Bajaj Finance also ended lower.
Meanwhile, the rupee settled nearly unchanged at 90.1550 against the US dollar at 3:30 pm.
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