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Markets regain footing over US-China trade talks

Markets regain footing over US-China trade talks
Highlights

Sensex climbs 177.51 points; Nifty closes high at 11,666

Mumbai: Benchmark indices found firmer ground on Friday after two sessions of decline as investors scooped up metal, finance and IT stocks amid positive cues from the global markets on optimism over the US-China trade talks.

Robust foreign fund inflows and attractive valuations in the mid-cap and small-cap space added to the momentum, brokers said. The 30-share BSE Sensex climbed 177.51 points, or 0.49 per cent, to close at 38,862.23, while the broader NSE Nifty rose 67.95 points, or 0.59 per cent, to 11,665.95. Global equities spurted after US President Donald Trump said the United States and China are close to a trade agreement and something very "monumental" could be announced in the next four weeks.

The BSE metal, realty, teck, IT, basic materials, finance and oil and gas indices ended in the green, gaining up to 2.03 per cent. Broader indices too ended on a positive note, with the BSE Midcap and Smallcap rising up to 0.72 per cent.

Meanwhile, foreign institutional investors (FIIs) pulled out a net Rs 226.19 crore on Thursday, while domestic institutional investors (DIIs) net bought equities to the tune of Rs 1,206.16 crore, provisional data available with stock exchanges showed. FIIs have been bullish on the Indian equity markets for the past few months.

They poured in a net Rs 33,980.56 crore in March, while the figure for April so far stands at Rs 8,989.08 crore, according to depositories data.

The benchmark Brent crude futures slipped 0.30 per cent to $69.19 per barrel. The rupee depreciated 7 paise to 69.24 against the US dollar intra-day.

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