After opening the day in green, share markets in India witnessed volatile trading activity throughout the day and ended the day on a positive note. Sectoral indices traded on a mixed note, with stocks in the metal sector and stocks in the pharma sector, leading the gains.
At the closing bell, the BSE Sensex stood higher by 92 points (up 0.3%) and the NSE Nifty closed up by 22 points (up 0.2%). The BSE Mid Cap index ended the day up 0.5%, while the BSE Small Cap index ended the day up by 0.3%.
The rupee was trading at Rs 64.95 against the US$ in the afternoon session. Oil prices were trading at US$ 67.42 at the time of writing.
Global financial markets this week closely followed the U.S.-China trade war ebb and flow. However, US and Asian shares witnessed positive activity after Chinese President Xi Jinping eased escalating tensions in the US-China trade war.
The Chinese president promised to open the country’s economy further and lower import tariffs on products including cars, which is seen address the concerns of US President Donald Trump as the two countries edged towards an all-out trade war.
Xi also said China would raise the foreign ownership limit in the automobile sector as soon as possible and push previously announced measures to open the financial sector.
Without mentioning Trump’s concern over the huge trade deficit, Xi said China does not seek trade surplus and have a genuine desire to increase imports and achieve greater balance of international payments under the current account.
In addition, US stocks remained propped up after President Donald Trump clarified his position on a possible missile attack in Syria, while bank shares rose ahead of earnings.
Asian stock markets finished mixed. As of the most recent closing prices, the Hang Seng was up by 0.1% and the Shanghai Composite was down by 0.7%. The Nikkei 225 was up by 0.6%. Meanwhile, European markets were trading on a positive note. The FTSE 100 was up by 0.1%, The DAX, was up by 0.8% while the CAC 40 was up by 0.4%. Whereas, the US benchmark, Dow was trading up by 1.2%.