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Sensex, Nifty recover after report rekindles US-China trade deal hopes

Indian shares reversed course to end higher on Wednesday, snapping a three-day losing streak, after a media report said the United States and China are moving closer to a trade deal.

The NSE Nifty 50 index ended 0.41 per cent higher at 12,043.20 and the S&P BSE Sensex was up 0.43 per cent up at 40,850.29.

Washington and Beijing were nearing an agreement on the number of tariffs to be rolled back in a phase-one trade deal, Bloomberg reported, citing people familiar with the matter.

Stocks across the globe took a beating in early trade after U.S. President Donald Trump said on Tuesday that a trade agreement with China might have to wait until after the presidential election in November 2020.

Metal stocks, which were the top drags in early trading, ended as the day`s top gainers. The Nifty metals index was up 1.55 per cent at the close.

Steelmaker Tata Steel, miner Vedanta and aluminium producer Hindalco were all among the top gainers on the Nifty, rising between 2.5 per cent and 3 per cent.

Tata Motors gained 7 per cent and was the most bullish stock on the Nifty, while Larsen and Toubro was the biggest laggard, shedding 2.14 per cent.

Source: Thanks