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Sensex Zooms 600 Points Tracking Global Cues
Tue, 29 Oct 01:30 pm

Share markets in India rose sharply today amid strength in global peers as optimism for a US-China trade deal and hopes of fresh policy stimulus from the Federal Reserve buoyed investor sentiment.

US indices closed at fresh all-time highs with upbeat earnings surprises and a potential US-China trade deal in November.

On Monday, President Donald Trump said US was ahead of schedule to sign a significant part of the trade deal with China.

This added to Friday's optimism when Washington said it was "close to finalizing" some parts of a trade agreement with China. Beijing confirmed on Saturday that "technical consultations" on some parts of the agreement were basically completed.

The BSE Sensex is trading up by 617 points, up 1.6%, while the NSE Nifty is trading up by 171 points.

Among individual stocks, shares of Tata Motors jumped over 15%, while Yes Bank, Tata Steel, and Vedanta surged 4-8%.

On the sectoral front, gains are largely seen in the automobile sector and metal sector.

Energy stocks also rose as Prime Minister Narendra Modi said Saudi Arabia will invest in downstream oil and gas projects in India as part of a strategic partnership between the two countries.

More details to follow in the upcoming commentary.

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