The Indian stock market closed higher during Wednesday’s trading session, September 17, led by optimism over ongoing trade talks between India and the US and hopes that the US Federal Reserve will announce a rate cut later in the day, which drove the benchmark indices for the second straight day and pushed them to a three-month high.
The Nifty 50 ended the session up 0.36%, closing above the 25,300 mark at 25,330, while the S&P BSE Sensex surged 0.38% to finish at 82,693. Broader markets, however, ended mixed, with the Nifty Midcap 100 rising 0.08% and the Nifty Smallcap 100 rallying 0.70%.
Sector-wise, the Nifty PSU Bank led the gains, rising 2.61%, followed by Nifty IT and Oil & Gas, which added 0.65% and 0.86%, respectively. The Nifty Bank index also advanced 0.63%. On the losing side, Nifty Metal was the top laggard, slipping 0.50%, followed by the Nifty Consumer Durables index, which dropped 0.30%.
The trade negotiations, which resumed on Tuesday in New Delhi, are expected to take shape quickly as both nations agreed to intensify efforts to reach a mutually beneficial trade deal.
In a day-long discussions on Tuesday between the American trade team led by chief negotiator Brendan Lynch and Indian officials headed by Rajesh Agarwal, special secretary in the department of commerce, both sides agreed to move the negotiation process from where it had stalled, with the objective of quickly reaching a bilateral trade agreement (BTA).
About The Author
