Mumbai, March 5
The Indian stock market made a strong recovery on Wednesday, with both the Sensex and Nifty closing over 1 per cent higher, as US Commerce Secretary Howard Lutnick hinted at possible relief on some tariffs for Mexico and Canada.
This raised hopes that other tariffs might also be reconsidered, which helped cool off investors' sentiment.
The 30-share Sensex surged 740.30 points, or 1.01 per cent, to settle at 73,730.23, after touching the day’s high of 73,933.80 in the intra-day trading session.
The Nifty also ended the day on a strong note at 22,337.30, up 254.65 points or 1.15 per cent, breaking its 10-day losing streak.
Earlier, Nifty had traded between 22,394.90 and 22,067.80 during the session. The index had previously lost 877 points or 3.8 per cent over the last ten trading sessions.
Analysts attributed the intra-day bull run to strong buying in auto, power, and tech stocks.
“Technically, Nifty on a daily scale has formed a bullish belt hold candlestick pattern, suggesting strength,” said Hrishikesh Yedve from Asit C. Mehta Investment Interrmediates Ltd.