Mumbai, Apr 15: Benchmark equity indices surged in early trade on Tuesday tracking a rally in global markets as investors sentiment became buoyant after US President Donald Trump relaxed some of the tariffs on electronics for now.
The 30-share BSE benchmark Sensex jumped 1,750.37 points to 76,907.63 in early trade. The NSE Nifty surged 539.8 points to 23,368.35.
From the Sensex firms, Tata Motors rallied 5 per cent. Larsen & Toubro, HDFC Bank, Mahindra & Mahindra, ICICI Bank and IndusInd Bank were the other big gainers.
Hindustan Unilever, Asian Paints, Nestle and Kotak Mahindra Bank were the laggards.
In Asian markets, South Korea’s Kospi index, Tokyo’s Nikkei 225 and Hong Kong’s Hang Seng were trading in the positive territory while Shanghai SSE Composite index quoted lower.
US markets ended higher on Monday.
US President Donald Trump said he was temporarily exempting smartphones, computers and other electronics from his tariffs.
“Global indices across the US, Asia, and Europe gained 3–4 per cent over Friday and Monday, after the US government excluded computers, and other electronics from reciprocal tariffs. This move is being seen as a significant softening of the US stance toward China, boosting global sentiment.
“Adding to the positive outlook, US President Donald Trump announced on Monday that he is considering exemptions on tariffs for imported vehicles and auto parts. Last week, he also declared a 90-day pause on tariffs for all countries except China, signalling a potential window for trade negotiations and easing global trade war concerns,” Vikas Jain, Head of Research, Reliance Securities, said.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,519.03 crore on Friday, according to exchange data.
Global oil benchmark Brent crude went up by 0.09 per cent to USD 64.94 a barrel.
Equity markets were closed on Monday for Dr Baba Saheb Ambedkar Jayanti.
The Sensex jumped 1,310.11 points or 1.77 per cent to settle at 75,157.26 on Friday. The Nifty surged 429.40 points or 1.92 per cent to 22,828.55. (PTI)
