The NIFTY 50 benefitted from the market’s general risk-on sentiment. India’s benchmark stock index scored a 0.52% gain as it closed at 12,100.70.
The biggest gainers were Yes Bank Ltd. which posted an 8.31% uptick, followed by UltraTech Cement Ltd which was up 3.09%. In third was State Bank of India with a 2.86% gain.
There has been a general sense of optimism among market participants across different markets. This is mainly fueled by hopes that the two largest economies in the world, the US and China, would come up with an agreement amid their war.
However, most equities markets tracked lower as concerns mounted on the ongoing trade negotiations. US President Donald Trump approved the Hong Kong rights bill. The law is biased towards pro-democracy protesters as it includes banning the sale of certain munitions to Hong Kong police.
China has previously condemned the bill when it was passed into the US Senate. Chinese policymakers had warned that they would retaliate by imposing tariffs on US-imported goods.