In the broader market, where the BSE Midcap gained 0.8%, the Smallcap index also jumped 1.2%.
Talking about individual stocks, Tata Motors, Power Grid Corporation of India, ONGC, Bajaj Finserv, and Adani Ports were the best performers among Nifty 50 companies.
What was the reason for the surge in the Indian stock market in the middle of the day?
According to the Financial Express report, Nishit Master, Portfolio Manager, Axis Securities, says that along with discussions on potentially reducing import duty on Chinese exports by the US, there are rumors of billion-dollar stimulus by the Chinese government. Equity market is getting boost from global star. At the same time, falling commodity prices are also helping the stock market of India.
However, investor concerns over the possibility of a slowdown in global markets overshadowed optimism about this US-China talks and selling increased till the market closed.
What was the condition of the global market?
Globally, US index futures and European equity market also saw a decline. The euro slipped to a 20-year low against the US dollar. Stoxx Europe 600 fell 0.5% while the S&P 500 also fell 0.6%
On the other hand, Tokyo’s Nikkei 225 closed with a gain of 1%; Hong Kong’s Hang Seng Index up 0.5%; Shanghai’s Composite closed flat while London’s FTSE 100 gained 0.3%.
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