Stock Market Highlights: Nifty, Sensex Rebound With Best Gains In Over A Month On Tariff Relief

The NSE Nifty 50 and BSE Sensex had the best session since Jan. 2, as market participants found temporary relief after US President Donald Trump delayed to impose tariff on Canada and Mexico for a month. HDFC Bank Ltd., and Reliance Industries Ltd. share prices contributed the most to gains.

The Nifty 50 ended 378.20 points, or 1.62% higher at 23,739.25, and the Sensex ended 1,397.07 points, or 1.81% higher at 78,583.81.

Intraday, Nifty 50 rose 1.72% to the day's high of 23,762.75, and the Sensex rose 1.91% to the day's high of 77,402.37.

"Following strong global trends, Nifty 50 opened with a positive start and continued to rise throughout the day, closing at its highest point of the day at 23,739.25, with gains of 378.20 points," said Aditya Gaggar, director, Progressive Shares.

All sectors, except FMCG, ended with gains, with PSU Banks and Energy leading the way. The positive momentum was witnessed in the broader markets also, as mid and small-caps surged by 1.56% and 1.09%, respectively. The index formed a strong bullish pattern, breaking above the key level of 23,500, which will now serve as a support. The momentum looks set to continue, but it may face resistance at the 24,000 mark, Gaggar said.

Shares of HDFC Bank Ltd., Reliance Industries Ltd., Larsen & Toubro Ltd., Infosys Ltd., and ICICI Bank Ltd. added to the Nifty 50.

While those of Trent Ltd., Hindustan Unilever Ltd., Britannia Industries Ltd., ITC Hotels Ltd., and Nestle India Ltd. weighed on the index.

On NSE, 11 sectors advanced, and one declined. The NSE Nifty Oil rose the most, and the NSE Nifty FMCG declined the most.

The BSE Midcap and BSE Smallcap indices ended 1.35% and 1.20% higher, respectively.

On BSE, 20 sectors out of 21 ended higher. The BSE Capital Goods rose the most, while the BSE FMCG declined the most.

Market breadth was skewed in favour of buyers. Around 2,516 stocks advanced, 1,406 stocks declined, and 151 stocks remained unchanged on BSE.