Sensex soars 292 points on easing trade war concerns

After surging over 370 points during the day, the 30-share BSE Sensex settled 291.86 points or 0.74 per cent, higher at 39,686.50. The index hit an intra-day high of 39,764.82 and a low of 39,541.09.

Mumbai: Domestic equity benchmark BSE Sensex on Monday rallied 292 points following the US-China trade war truce that calmed investor jitters globally.

After surging over 370 points during the day, the 30-share BSE Sensex settled 291.86 points, or 0.74 per cent, higher at 39,686.50. The index hit an intra-day high of 39,764.82 and a low of 39,541.09.

The broader NSE Nifty too jumped 76.75 points, or 0.65 per cent, to end at 11,865.60. The index touched an intra-day high of 11,884.65 and a low of 11,830.80.

Top gainers in the Sensex pack included Tata Motors, Bajaj Auto, HDFC twins, IndusInd Bank and RIL, rallying up to 3.23 per cent.

On the other hand, ONGC, HCL Tech, Maruti, HUL, Asian Paints and Vedanta fell up to 3.99 per cent.

Sectorally, BSE realty, auto, finance and bankex were among the top gainers, rising up to 2.59 per cent.

Analysts said domestic equities followed the global bullish trading pattern in the wake of US President Donald Trump and Chinese President Xi Jinping agreeing to restart the trade tariff negotiations.

In Asia, shares in China and Japan rose, while Hong Kong and South Korea traded lower.

Indices in Europe were also trading significantly higher in their respective early sessions.

Meanwhile, easing concerns over trade issues between India and the US too boosted market sentiment here, traders said.

Prime Minister Narendra Modi and Trump, at the G20 meeting on Friday, agreed for an early meeting of their commerce ministers to sort out concerns over bilateral trade disputes.

Market is also upbeat amid expectations of reforms from the upcoming Union Budget, they added.

Meanwhile, the Indian rupee slipped 3 paise to 69.03 against the US dollar intra-day.

Brent crude futures, the global oil benchmark, surged 2.75 per cent to USD 66.52 per barrel.