Sensex surges over 900 points; regains 73k-level in afternoon trade

Mumbai: Equity benchmark index Sensex reclaimed the crucial 73,000-mark by jumping over 900 points, and the Nifty was trading above the 22,000 level in afternoon trade on a flurry of buying by investors amid a strong rally in Asian markets.

Moreover, stocks in the Asia Pacific region traded on a positive note on Wednesday on the back of a tariff relief signal, after President Donald Trump sparked a global selloff, market experts said.

The 30-share BSE Sensex benchmark zoomed 943.87 points or 1.29 per cent to 73,933.80 at 1245 hours in afternoon trade. On the similar lines, the NSE Nifty appreciated by 312.25 points or 1.41 per cent to 22,394.90.

From the Sensex pack, Adani Ports, Power Grid, Mahindra & Mahindra, NTPC, Tech Mahindra, Tata Steel, Tata Motors, Bharti Airtel, Asian Paints, HCL Technologies, Infosys, Reliance Industries and Kotak Mahindra Bank were among the gainers.

On the other hand, Bajaj Finance, HDFC Bank, IndusInd Bank and Zomato were the only laggards.

Meanwhile, India's services sector activity witnessed a sharp uptick in February boosted by improving domestic and international demand, which resulted in a quicker expansion in output and a substantial increase in employment, a monthly survey said on Wednesday.

The seasonally adjusted HSBC India Services PMI Business Activity Index rose from January's 26-month low of 56.5 to 59.0 in February, indicating a sharp rate of expansion.

"India's services business activity index rose to 59.0 in February 2025, up considerably from January's 26-month low of 56.5. Global demand, which grew at its fastest pace in six months according to the new export business index, played a major role in driving output growth for India’s services sector," said Pranjul Bhandari, Chief India Economist at HSBC.

In Asian markets, Tokyo, Shanghai, and Seoul ended higher, while Hong Kong is trading in the positive zone.

US markets ended lower on Tuesday.

"US equity markets closed lower in a volatile trading session on Tuesday as new US tariffs took effect. The benchmark S&P 500 suffered its worst day of this year after the US tariffs were confirmed," Devarsh Vakil, Head of Prime Research, HDFC Securities, said.

On Tuesday, the 30-share BSE barometer closed at 72,989.93, down by 96.01 points. Extending the losses for the 10th straight session, the 50-share Nifty of NSE fell by 36.65 points to close at 22,082.65.

"Losses in Indian markets were limited compared to global and Asian peers, which saw a significant sell-off after Donald Trump confirmed tariffs on Canada, Mexico, and China. Small-cap stocks bounced back sharply after facing severe selling pressure, while mid-cap stocks ended the session with mild gains," Vakil said, adding "Nifty is highly oversold and due for a bounce".

On the other hand, Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,405.82 crore on Tuesday, according to exchange data.

Global oil benchmark Brent crude rose by 0.07 per cent to USD 71.09 a barrel.

On the global front, President Donald Trump launched a trade war Tuesday against America's three biggest trading partners, drawing immediate retaliation from Mexico, Canada and China.

Later in the day, Commerce Secretary Howard Lutnick said the US would likely meet Canada and Mexico “in the middle,” with an announcement coming as soon as Wednesday. Lutnick told a news channel that the tariffs would not be paused, but that Trump would reach a compromise, as per media reports.

Trump also criticised the high tariffs charged by India and other countries including China, calling it "very unfair" and announcing reciprocal tariffs will kick in from next month.

In his address to a Joint Session of the US Congress, the president said that the reciprocal tariffs will commence April 2.