Sensex today rises 300 points, extends rally to 4th day; Nifty above 25,600; OMCs outperform
Stock market today: Indian equities ended higher for the fourth straight day on Friday, June 27, largely led by select heavyweights including Reliance Industries, ICICI Bank, and Bharti Airtel, which pushed the frontline indices another step closer to their September peaks.
A strong handover from Wall Street, coupled with a rebound in overseas inflows, helped the Nifty 50 to stay higher during Friday's session, gaining 93 points, or 0.36%, to finish the session at 25,642, while the Sensex rose 300 points, or 0.36%, to settle at 84,055.
Both indices concluded the week with solid gains of over 2% each, as easing tensions in the Middle East helped shrug off concerns about a potential global economic impact and triggered a sharp decline in crude oil prices, bringing renewed optimism to Dalal Street.
Meanwhile, the broader markets have also ended the week with healthy gains despite valuation concerns, with Nifty Midcap 100 and Nifty Small Cap 100 closing with 2.44% and 4.35%, respectively.
As the 90-day reciprocal tariff suspension announced by U.S. President Donald Trump in April nears its end, market attention has turned to whether the deadline will be extended. Trump had suspended certain tariffs for 90 days, and that window expires on July 9.
Separately, the European Union faces a July 9 deadline to finalize a trade deal before the U.S. imposes 50% duties on imports from the bloc. However, White House Press Secretary Karoline Leavitt downplayed the urgency of the deadline, saying on Thursday that the cutoff dates are "not critical," according to a CNBC report. "Perhaps it could be extended, but that's a decision for the president to make," Leavitt was quoted as saying.
Meanwhile, other media reports indicate that New Delhi and Washington are still negotiating a mini trade deal as part of a scaled-down Bilateral Trade Agreement (BTA), which is likely to be finalized by September.
Amid hopes of an extension to the tariff suspension, expectations have also grown that the U.S. economy could see an acceleration in interest rate cuts. This follows speculation that President Trump is contemplating naming a replacement for Federal Reserve Chair Jerome Powell as early as September or October, well ahead of the typical three- to four-month transition period.
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