 "Sensex rises 800 points as investors bet on India-US trade deal")
Sensex on Thursday morning rose above 800 points as the India-US trade deal appeared close to investors.
The Sensex was up 846 points to reach the high of 85,272 in early trading.
One reason for the high is rising confidence among investors about an early resolution of India-US tensions over trade and tariffs following statements by US President Donald Trump and reports in the media.
IT stocks Infosys, HCL, Tech Mahindra, and TCS were among the top-gainers.
The rally at Sensex is the outcome of the “fact that we are nearing a deal”, Gaurav Sharma, Associate Vice President and Head of Research at Globe Capital, told Business Today.
Sharma further said that Union Commerce Minister Piyush Goyal’s recent meetings with his US counterparts have strengthened expectations of a breakthrough among investors.
In recent days, there have been signs that India and the United States could be near a breakthrough in trade talks. Trump has repeatedly mentioned that India would reduce oil purchases with Russia and hinted that it would be part of a broader agreement on trade and tariffs.
Currently, Trump has slapped 50 per cent tariffs on India, which is the highest in the world.
Sharma said the optimism explained the rally in IT and pharmaceutical stocks in early trading.
Impact Shorts
More Shorts“If that deal happens, IT and pharma will be the biggest gainers as these sectors were impacted the most by U.S. tariffs. The Nifty IT index soared nearly 2 per cent. Infosys, which generates a large chunk of revenue from the US, gained about 3 per cent, and that’s no surprise. Companies are gearing up for the up move, and the upcoming buyback from Infosys, excluding promoters, could further boost retail participation," said Sharma.
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