The 30-stock index surged over 600 points to the day’s high of 83,462; meanwhile, Nifty traded over 150 points higher to trade above the 25,750 level.
The market capitalization of BSE-listed companies grew by 3.8 lakh crore to Rs 471 lakh crore.
US Supreme Court’s decision to strike down President Donald Trump’s sweeping tariffs, global markets will take cues from developments following the court order.
Here’s what triggered the markets today:
1) US Supreme Court ruling
The US Supreme Court’s decision to strike down President Donald Trump’s sweeping tariffs on Friday rubbed Indian stock markets in a positive way as both Nifty and Sensex widened their gains within minutes of opening.
The Liberation Day tariffs that were in play since April last year were termed illegal by SC as it noted Trump overstepped his authority.
In response, Trump imposed a global Tariff of 10% but revised it upwards to 15% on Saturday.
2) Crude Oil
Another key boost on Monday came from a sharp drop in crude oil prices after reports that the US and Iran are set to hold a third round of nuclear talks, easing fears of a potential conflict.
The US WTI crude oil futures were trading at $65.750 per barrel, down by $0.730 or 1.10%, while Brent was down by $0.77 or 1.07% and traded around $70.99.
3) Rupee strength
Rupee started strong, rising 19 paise to 90.75 against the US dollar in early trade.
4) Sectoral surge
Banks led the way with heavyweights HDFC Bank and ICICI Bank contributing most to the gains. Reliance Industries (RIL) was another top contributor.
Pharma and auto stocks, which are expected to benefit from lower tariffs, also witnessed buying action.
MORE TO COME…