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  1. Relief rally on Street as trade war fears ease

Relief rally on Street as trade war fears ease

Benchmark indices bounced back on Thursday after falling consecutively for the previous six sessions on buying by domestic institutions and positive global cues.

By: | Mumbai | Updated: March 9, 2018 12:58 AM
sensex, markets, trade wars, donald trump Benchmark indices bounced back on Thursday after falling consecutively for the previous six sessions on buying by domestic institutions and positive global cues.

Benchmark indices bounced back on Thursday after falling consecutively for the previous six sessions on buying by domestic institutions and positive global cues. The benchmark Sensex rose by 0.96% and ended the session at 33,351.57 points, while the Nifty rose by 0.87% to end the session at 10,242.65. Market Participants said that the potential carve-outs for specific countries in US President Donald Trump’s tariff plans and buying by domestic institutional investors supported the market. “Earlier the market was worried that China is the certain target and this also will affect Indian manufacturing. But obviously, when the Trump administration said that it is not going to be broad based that’s where a little bit of ease came into play. Second, after four-five days of continuous decline, DIIs have entered the market. FIIs still have been selling because they are still not sure what will be Trump’s reaction,” said Siddhartha Rastogi, director, Ambit Asset Management. “It was value buying after a steep fall. The future trend, in the near term, could be decided by the direction of Trump’s policies, and our government’s support to the financial sector,” said Gopal Agrawal, CIO of Tata Mutual Fund. “In the next couple of sessions you would see a little bit of volatility, but by the end of this month you will likely see buoyancy coming back,” Rastogi added. Domestic institutional investors bought shares worth Rs 675 crore on Thursday, provisional data from exchanges revealed. 14 of the 19 sector indices gained on Thursday, led by the BSE Realty Index. The BSE Realty Index rose 1.63% to end the session at 2,389.96. Among the Sensex stocks, SBI rose by 4.9% to close at Rs 256.75, while ICICI Bank rose by 3.58% to Rs 296.95 The widening probe into the PNB fraud and worries of trade war triggered by President Donald Trump’s proposal to impose stiff tariffs on imports had dragged equities lower earlier in the week.

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