Indian shares advance on EU tariff relief
MUMBAI: Indian shares advanced on Monday, extending gains from the previous session, on easing global trade tensions and the Reserve Bank of India's record dividend transfer, which reaffirmed prospects of sustained fiscal consolidation.
The Nifty 50 closed 0.6% higher at 25,001.15, while the BSE Sensex traded 0.56% higher to close at 82,176.45.
US President Donald Trump backed off his threat to impose 50% tariffs on European Union (EU) imports, easing trade concerns, potentially hinting 'that the US may reduce its aggression in the trade war, which is a positive,' according to G Chokkalingam, founder and head of research at Equinomics Research and Advisory. The US and EU now have time until July 9 to work on a trade deal.
All 13 major sectors logged gains.
Metals jumped about 1%, as a weaker US dollar and Trump's reprieve boosted the appeal of commodities.
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