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Indian benchmark indices Sensex and Nifty50 traded higher on Monday, supported by gains in banking and auto stocks, after U.S. President Donald Trump extended the deadline for trade talks with the European Union in white house US By donald trump, easing near-term trade tensions.
The BSE Sensex was trading 435 points, or 0.53%, higher at 82,156. The Nifty50 was up 104 points, or 0.42%, trading at 25,957 around 10:30 am.
The market capitalisation of all listed companies on BSE surged by Rs 3.48 lakh crore to Rs 445.44 lakh crore.
Trump on Sunday backed off his threat to speed up 50% tariffs on imports from the EU, agreeing to extend his deadline for trade talks until July 9 after the head of the EU executive body said the bloc needed more time to "reach a good deal."
From the Sensex pack, M&M, Power Grid, Tech Mahindra, Tata Motors,
ICICI Bank, and Bajaj Finserv opened with gains, while only Eternal opened
in the red.
Shares of Eternal slipped 4% amid expectations of passive outflows worth $840 million following weightage cuts by global index providers FTSE and MSCI.
On the sectoral front, all major indices were trading higher, with Nifty Bank, Auto, Financial Services, FMCG, IT, and Pharma gaining between 0.5% and 1%.
Among individual stocks, smallcap Nibe hit the 5% upper circuit after securing an international order worth Rs 150.6 crore from a leading Israel-based original equipment manufacturer (OEM).
Meanwhile, investor focus will now shift to key domestic triggers, with India’s Q4 GDP data due on May 30 and the RBI’s policy decision on June 6. Any signs of economic recovery or policy support could further lift market sentiment and bolster expectations around corporate profitability
Experts View
"News of India becoming the fourth-largest economy in the world would be a near-term morale boost for the market. RBI’s bumper dividend payment to the government exceeding the budget estimates, will help contain the fiscal deficit target for FY26 at 4.4%. This, in turn, can sustain the low inflation and declining interest rate trend, which will continue to support the equity market," said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments.
Devarsh Vakil, Head of Prime Research at HDFC Securities, said, "The Nifty's short-term trend remains positive as it trades above its 20-day exponential moving average. Immediate resistance levels are at 24,946 and 25,116, while support levels are identified at 24,748 and 24,685."
Global Markets
Stock markets across Asia edged higher on Monday, and the euro rallied after President Donald Trump abruptly extended by more than a month his threat to slap 50% tariffs on EU goods, marking another temporary reprieve as part of his erratic trade policy.
On Sunday, Trump agreed to extend his deadline for trade talks until July 9, from the June 1 deadline he set on Friday, after European Commission President Ursula von der Leyen said the bloc needed more time to "reach a good deal."
On Monday, MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.12%, while Japan's Nikkei was marginally higher.
China's blue-chip index slipped 0.2% in early trading on Monday, while Hong Kong's Hang Seng Index dipped 0.4%.
FII Tracker
Foreign portfolio investors purchased Rs 1,795 crore ($211.14 million) worth of Indian equities on Friday, bringing May’s net inflows to $1.64 billion.
Crude Oil
Oil prices gained in early Asian trade on Monday after U.S. President Donald Trump extended a deadline for trade talks with the European Union, easing concerns about U.S. tariffs on the bloc that could hurt the global economy and fuel demand.
Brent crude futures rose 37 cents, or 0.6%, to $65.15 a barrel by 0001 GMT while U.S. West Texas Intermediate crude was up 34 cents, or 0.6%, at $61.87 a barrel.
Rupee vs Dollar
The Indian rupee rose 44 paise to 85.01 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, declined 0.32% to 98.79 level.
(With inputs from agencies)
