New Delhi [India], April 16 (ANI): Indian stock indices closed handsomely higher Wednesday, amid global trade uncertainties that have emanated from the Trump administration’s reciprocal tariffs and Chinese counter tariffs.
Sensex closed at 77,044.29 points, up 309.40 points or 0.40 per cent, Nifty closed at 23,437.20 points, up 108.65 points or 0.47 per cent.
“Benchmark indices extended their winning streak for a third consecutive session on Wednesday, with strong buying in the final hour pushing the index to close near the day’s high,” said Bajaj Broking.
Globally, markets are undergoing fresh consolidation as tariff tensions intensify, with the US increasing tariffs to 245 per cent on Chinese goods.
“Amidst global weakness, the Indian market exhibited a mild positive sentiment in anticipation that the trade fight between the US and China will not harm but benefit India, and March’s CPI inflation which is at a 5-year low is indicative of further rate cuts in the near future,” said Vinod Nair, Head of Research, Geojit Investments Limited.
India’s retail inflation has touched a 67-month low in March, lending some support to the stock indices.
Indian stock indices have seen some upmove since Trump’s decision to pause the reciprocal tariffs on dozens of countries, including India, for 90 days.
Trump paused the reciprocal tariffs on dozens of countries that have engaged in negotiations with the US administration. However, the 125 per cent tariff levied on China will continue. At the same time, it raised tariffs on China to 245 per cent.
The tariffs had initially set off a sell-off in equities globally, and India was no exception. Tariffs stoked fears of trade tension and an economic recession.
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)
This report is auto-generated from ANI news service. ThePrint holds no responsibility for its content.