Stock Market Today: Stock market jumps due to reduction in US tariffs, Sensex rises by 600 points as soon as it opens

Mumbai. Domestic stock markets witnessed a rise on Monday due to reduction in import duty in America and BSE Sensex rose by more than 600 points. Sensex opened at 82,824.71 points with a gain of 92.12 points. At one time it had climbed 671 points to reach 83486.15 points. At the time of writing, it was up 598.63 points (0.72 percent) at 83,413.34. The US Supreme Court last year struck down the high import duties imposed by President Donald Trump on various countries, calling them illegal.

After this, the Trump administration had announced to impose a uniform 10 percent import duty on all countries, which was changed to 15 percent a day later. This tax rate is lower than the 18 percent rate fixed in the interim trade agreement with India, which has increased investor confidence in the Indian stock market. The Nifty-50 index of the National Stock Exchange opened 107.15 points higher at 25,571.25 points.

At the time of writing, it was up 184.35 points or 0.72 percent at 25,755.60. Except IT and chemicals, growth was seen in all sectors. There was more strength in banking and auto sectors. Among Sensex companies, shares of HDFC Bank, Reliance Industries, ICICI Bank, Axis Bank, Kotak Mahindra Bank, State Bank of India and Airtel were rising. At the same time, there was a decline in Infosys and NTPC.

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