Sensex and Nifty Gain on US-India Trade Deal Optimism; IT Stocks Lead Gains

Mumbai, October 23: Two of the major Indian stock market indices, the Sensex and the Nifty 50, are witnessing positive investor demand today, on October 23. As of 11:00 AM, BSE Sensex was up by 0.75%, or 635.99 points, and was trading at 85,062.33. Until now, the index has traded within a range of 85,272.40 and 84,867.97. On the other hand, the Nifty 50 was also up by 0.76%, or 196.60 points, and was trading at 26,064.20. Until now, the index has traded within a range of 26,099.70 and 25,991.70.

Hopes of Tariff Reduction By the US

The positive demand for the Indian stocks comes after hopes of a possible tariff reduction by US President Donald Trump. As the trade negotiations between the two countries are ongoing, it is expected that the US may reduce the 50% tariffs it has imposed on Indian imports to 16%.

IT and Banking Stocks Drive Market Gains

IT and banking stocks are leading the rally for the Indian stock market today. Big companies such as Infosys, HCL Technologies, Tech Mahindra, Axis Bank, Hindustan Unilever, and Kotak Mahindra Bank are the big winners. On the other hand, Eternal and Bajaj Finserv are trading in the red.

Asian Markets Flat

Asian markets are generally trading lower, with only South Korea’s Kospi index trading in the green. Apart from this, major markets like Japan’s Nikkei 225, Shanghai’s SSE Composite, and Hong Kong’s Hang Seng are all trading in the red. The muted performance is the result of the US market falling due to mixed Q2 earnings by US companies and other concerns about a trade war with China. Meanwhile, Brent crude oil prices have increased and are trading at around $64.19 per barrel.

Disclaimer: At HDFC SKY, we take utmost care and due diligence in curating and presenting news and market-related content. However, inadvertent errors or omissions may occasionally occur.

If you have any concerns, questions, or wish to point out any discrepancies in our content, please feel free to write to us at content@hdfcsec.com.

Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations