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Indian benchmark indices, Nifty 50 and Sensex, began Thursday’s session (October 23) with a sharp gap-up, marking their sixth consecutive day of gains. Optimism surrounding a possible India–US trade agreement buoyed investor sentiment across sectors. As of 9:45 am, the Sensex climbed 729.00 points (0.86 per cent) to 85,155.34, while the Nifty 50 advanced 205.25 points (0.79 per cent) to 26,073.85. Strong buying interest across sectors and sustained optimism over a potential India–US trade deal kept market sentiment buoyant, extending the rally for a sixth straight session. The Nifty last hovered near these levels, 26,000 to 26,200, in late September 2024. Sectoral Rally Led by IT and Metals The session saw broad-based strength, with IT stocks spearheading the rally, pushing the Nifty IT index up by 1.78 per cent. Gains followed in the Metal, Private Bank, and Consumer Durables indices, which advanced between 0.4 per cent and 0.5 per cent. Other sectors, including Auto, Financial Services, FMCG, Pharma, PSU Bank, and Oil & Gas, posted smaller but steady upticks ranging from 0.2 per cent to 0.4 per cent. Meanwhile, Nifty Media and Realty edged lower by 0.06 per cent and 0.02 per cent, respectively. Reports indicate that Washington D.C., may consider cutting tariffs on Indian imports to around 15 per cent, in exchange for India reducing its oil imports from Russia, signalling that a bilateral trade deal could be imminent. Expert Views: ‘A Game-Changing Move’ for India On the occasion of Diwali, President Trump stated, “I spoke to Prime Minister Modi today and we just have a very good relationship. He's not going to buy much oil from Russia. He wants to see that war (between Russia and Ukraine) end as much as I do. They're not going to be buying too much oil.” Prashanth Tapse, Senior VP (Research) at Mehta Equities, observed that market optimism remains strong, adding that the U.S. plan to reduce tariffs on Indian goods is a “game-changing move” likely to enhance India’s export competitiveness and growth outlook, as per a Moneycontrol report. Get Latest News live on Times Now along with Breaking News and Top Headlines from Business, Companies and around the world.
