Stock Market LIVE: Sensex skyrockets 2500 pts to top 82000-mark; Nifty hits 24800 on easing India-Pak tensions

Indian stock market rebounded sharply by 3 per cent on Monday (May 12) after India and Pakistan agreed to ceasefire on Saturday evening.

After starting the trade on an optimistic note, the 30-share BSE benchmark gauge Sensex further jumped 2,5060 points or 3.23 per cent to trade at 82006.49 around 1:15 PM. The NSE Nifty zoomed more than 800 points or 3.35 points to trade at 24820.10 around the same time.

The Nifty Bank index rallied 1633 points or 3.04 per cent to trade at 55,235 around the same time. India VIX, the fear gauge index, fell 15 per cent to sit at 18.43.

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UK-India FTA marks pivotal shift in global trade dynamics: Expert

New Delhi: The free trade agreement (FTA) between India and the United Kingdom is expected to boost India’s rapid economic growth. Commerce Secretary Sunil Barthwal termed it a “game changer” and said it is the most comprehensive trade deal India has ever entered into.

“This is the most comprehensive free trade deal ever entered into by India and will be the gold standard for our future engagements. It opens up export opportunities for sectors such as textiles, marine products, leather, footwear, sports goods and toys, gems and jewellery,” Barthwal was quoted as saying by PTI.

Meanwhile, a report by SBI Research said that the FTA is part of a new global trade strategy that aims to reduce dependence on China, manage trade challenges from US tariffs, and help the UK reshape its economy after Brexit.

Moreover, the report said that the multi-billion-pound deal will reduce tariffs on 90 per cent of traded goods, helping businesses on both sides.

Commenting on the development, Ankit Patel, Partner at Arunasset Investment Services, said that the UK-India Free Trade Agreement marks a pivotal shift in global trade dynamics, especially in the post-Brexit and post-pandemic context.

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Markets soar after ceasefire, post highest single-day gains in 4 years

The markets witnessed an unprecedented rally on Monday, with benchmark indices recording their biggest single-day gains in nearly four years, driven by a cessation of hostilities between Indian and Pakistan and US-China agreeing to a temporary rollback of trade tariffs for a 90-day period.

The Sensex surged 2,975.43 points (3.74 per cent) to close at 82,429.90, while the Nifty 50 jumped 916.70 points (3.82 per cent) to end at 24,924.70, logging the biggest single day gain since February 1, 2021.

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