Mumbai, Aug 14 (IANS) Lower inflation rates along with hopes of an easing in US-China trade tensions and attractive valuations lifted the Indian equities market during mid-afternoon trade on Wednesday.
The S&P BSE Sensex gained 402.18 points, or 1.09 per cent, to 37,360.34 points at 2.45 p.m. It opened at 37,233.50 points and touched an intra-day high of 37,473.61 and a low of 37,000.77 points. Similarly, the NSE Nifty50 rose 112.15 points, or 1.03 per cent, to 11,038 points.
On Tuesday, the Sensex tanked 623.75 points due to a global sell-off after massive protests in Hong-Kong, heightened trade-tensions between the US and China and weakening of the Indian Rupee.
Healthy buying was seen in automobile, capital goods and banking stocks, whereas selling pressure was seen in the healthcare sector.
“Indian equity markets and currency are doing well on Wednesday following Asian stocks joining a global equities surge after Washington delayed tariffs on some Chinese imports,” HDFC Securities’ Research Head Deepak Jasani told IANS.
“Delaying of tariffs on some Chinese imports by the US has raised hopes of improvement in the economic growth scenario, globally.”
Besides, the lower than expected wholesale price index reading for July raised hopes of a central bank rate cut in October, Jasani added.
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