New Delhi- Market investors added Rs 5.95 lakh crore to their wealth on Tuesday as benchmark indices rallied nearly 2 per cent after US President Donald Trump delayed tariffs on Mexico and Canada for a month.
The BSE benchmark Sensex jumped 1,397.07 points or 1.81 per cent to settle at a month’s high of 78,583.81. During the day, it surged 1,471.85 points or 1.90 per cent to 78,658.59.
The NSE Nifty soared 378.20 points or 1.62 per cent to 23,739.25, a level not seen since January 3.
Following the sharp rally in equities, the market capitalisation of BSE-listed firms surged Rs 5,95,996.51 crore to Rs 4,25,50,826.11 crore (USD 4.88 trillion).
“Indian equity markets witnessed sharp rally after US President deferred the planned tariffs both on Canada and Mexico by 30 days, providing a major relief to the escalating trade war,” Siddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal Financial Services Ltd, said.
From the 30-share blue-chip pack, Larsen & Toubro rallied nearly 5 per cent. Adani Ports, IndusInd Bank, Tata Motors, Reliance Industries, UltraTech Cement and Asian Paints were also among the major gainers.
ITC Hotels, Zomato, Nestle and Maruti were among the laggards.
In Asian markets, Seoul, Tokyo and Hong Kong ended significantly higher.
The BSE midcap gauge jumped 1.35 per cent and smallcap index surged 1.20 per cent.
Among BSE sectoral indices, capital goods rallied 3.42 per cent, industrials (2.59 per cent), energy (2.50 per cent), oil & gas (2.40 per cent), power (2.31 per cent), and financial services (2 per cent).
BSE FMCG emerged as the only laggard.
“Pause in tariffs on Mexico and Canada eased global worries of a trade war while domestic focus turned to THE RBI meeting,” Satish Chandra Aluri, Analyst, Lemonn Markets Desk, said.
As many as 2,509 stocks advanced while 1,410 declined and 154 remained unchanged on the BSE.
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