Domestic indices gain amid hopes of ease in trade tension

Key domestic indices ended the day's trade on Friday after registering sharp gains over signs of easing trade tensions between the US and China as the Sensex surged 580 points and Nifty advanced by over 170 points.

The across the board rise in global stock markets came after US President Donald Trump on Thursday described his conversation with his Chinese counterpart Xi Jinping uas "long and very good".

"Just had a long and very good conversation with President Xi Jinping. We talked about many subjects, with a heavy emphasis on trade. Those discussions are moving along nicely with meetings being scheduled at the G-20 in Argentina," said Trump.

Consequently, the S&P BSE Sensex settled 579.68 points higher at 35,011.65. It had opened at 34,743.95 from its previous close of 34,431.97. It touched an intra-day high of 35,190.20 points and a low of 34,649.80 points.

Similarly, the NSE Nifty closed 172.55 points up at 10,553 points.

Healthy buying was witnessed in auto, metal, banking and finance stocks on BSE. However export-oriented stocks like IT and healthcare traded lower as rupee weakened.

Benchmark brent crude also eased below $74 a barrel.

--IANS

ravi/mr