Mumbai, April 28 (IANS). Despite the current geopolitical tension, the Indian stock markets on Monday recorded a great rise. During the afternoon trading, both Sensex and Nifty recorded a rise of more than one percent. At the same time, there is a rapid trend in the broad market.
During the Intra-Day session, around 1:15 pm, the Sensex was trading at 80,259.03 at 80,259.03 at 1,046.5 points or 1.32 percent, while the Nifty was trading up to 24,300 points to bounce around 300 points.
The expectations of the new trade agreement between Indo-US also played an important role in increasing the notion of investors. Along with this, there was a frequent bounce in the markets with strong corporate income and positive global signals.
Reports have shown that India and the US may soon finalize the bilateral trade agreement (BTA). If this happens, India can become the first country to avoid mutual tariffs with America.
The agreement is expected to create new opportunities for Indian companies in different sectors such as telecommunications, equipment, biotechnology, artificial intelligence, pharmaceuticals, quantum computing and semiconductor.
Investors hope that China will announce more incentive measures to support its economy, leading to further boost to the global market perception.
During the session, the US futures showed slight softening, but overall perception was positive.
Pharma Stocks performed well on Monday. Nifty Pharma, PSU Bank, Healthcare Index rose by about two percent during intra-day trade.
The Pharma sector encouraged the tariff declarations in the US and promoted the historical trend of positive returns for Pharma Stocks in April. Investors are also waiting for the major income of pharma next month.
Earlier, the Indian Equity benchmark index opened with an edge between mixed global signals. In early trade, purchases were seen in PSU bank and financial service sector.
Foreign institutional investors (FIIs) continued their purchase for the eighth consecutive season. In April alone, FII bought equity worth more than Rs 32,000 crore. This frequent purchasing promoted the overall market perception.
-IANS
SKT/ABM