Sensex: In anticipation of an India-US trade accord, the Nifty open higher

Sensex: Taking cues from a worldwide market rally and growing hope that an India-US trade agreement may soon be finalized, Indian stock markets began on a high note on Friday.

Following Prime Minister Narendra Modi’s Thursday meeting with US President Donald Trump, during which the two leaders discussed ways to deepen economic relations while officials continue trade deal discussions, the favorable feeling became even stronger.

The Sensex increased 391 points, or 0.46 percent, to hit 85,209 at the opening bell. Additionally, the Nifty increased, rising 112 points, or 0.43 percent, to close at 26,010.

With L&T, Hindalco, Tata Steel, Ultratech Cement, Adani Ports, Bajaj Finance, BEL, NTPC, Axis Bank, Maruti Suzuki India, and Power Grid among the top gainers, a number of significant companies helped sustain the market’s upward trend.

Wipro, Sun Pharma, HDFC Life, HUL, Eicher Motors, Infosys, and Tech Mahindra all suffered decreases as a result of profit booking on some shares.

The Nifty MidCap and Nifty SmallCap indexes both increased by 0.42 and 0.54 percent, respectively, indicating the strength of the broader markets.

Strong purchasing demand helped the Nifty Metal index rise by 1.44 percent, making it the best-performing sector.

Gains in Nifty Realty, Nifty Media, Nifty Private Bank, and Nifty Financial Services came next. The Nifty FMCG index, on the other hand, was the sole industry that was seeing a minor dip and trading in the red.

According to analysts, the market’s positive sentiment was maintained by international signals and anticipations of advancements in trade between the US and India.