Indian shares rise as Trump delays China tariffs
- By NewsOnFloor Staff
- Aug 14, 2019
- 146 views
After Washington delayed tariffs on some Chinese imports, Indian shares followed their Asian peers higher on Wednesday, bringing some relief to global markets rattled by a bruising trade conflict. The broader NSE index rose 0.36% to 10,964.20 as of 0439 GMT, while the benchmark BSE index gained 0.37% to 37,095.80. U.S. President Donald Trump delayed his September 1 deadline for 10% tariffs on some Chinese imports, delaying duties on a range of consumer goods and sending Wall Street stocks soaring on Tuesday.
Dampening sentiment across markets, the trade conflict has disrupted global supply chains and slow down economic growth. The Nifty metal index gained 1%, led by a 4% increase in manufacturer Tata Steel Ltd, which rose in tandem with commodity prices and was the top gainer on the NSE index.
Data showed on Tuesday that India’s retail inflation rate had eased slightly in July, although economists said the numbers also indicated subdued demand conditions. Meanwhile, the rupee strengthened slightly on Wednesday to a high of 70.85 against the dollar, after hitting a near six-month low on Tuesday.
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