Indian stock market ends with gains amid mixed global cues

Mumbai (Maharashtra) [India], February 23 (ANI): The Indian stock market on Monday ended with gains amid mixed global cues with both the indices, Sensex and the Nifty 50, rising slightly over half a per cent.
At close, Sensex was recorded at 83,294.66, rising 480 points, or 0.58 per cent, while the Nifty 50 closed at 25,713, up 142 points, or 0.55 per cent.
The Indian stock market was supported by positive cues after the US Supreme Court on late Friday evening (as per Indian time) struck down US President Donald Trump's tariff.
However, experts noted that while markets reacted positively to the US apex court ctariff decision, concerns remain due to fresh tariff announcements and global uncertainties.
In terms of sectoral performance, Information Technology shares shed nearly 1.4 per cent while metal was down 0.2 per cent. PSU Bank index gained 1.3 per cent, while other key sectors like pharma, oil & gas, infra added 0.5 per cent each.
Reacting on the market performance, Vinod Nair, Head of Research, Geojit Investments Limited said, "The US Supreme Court's ruling against Trump's reciprocal tariff policy was welcomed by domestic markets. Investors are awaiting more clarity on Trump's revised strategy and the scope of renegotiations by other nations. A weaker US dollar and declining 10-year Treasury yields may add a near term caution in the global market. Sectorally, the IT index faced pressure from unresolved concerns over AI-driven disruption. Nonetheless, investors favored domestic themes, with banks, power, FMCG, and consumer discretionary stocks gaining traction on expectations of resilient demand and economic recovery."
Satish Dondapati, Fund Manager ETF, Kotak Mutual Fund said, "Gold and silver prices climbed to a three-week high on Monday afternoon. Comex silver rose USD 8.04 to USD 86.01 per ounce, while gold gained USD 83.7 to USD 5,130 per ounce. The rise followed the US Supreme Court's decision to strike down most of President Donald Trump's tariffs, which pressured the dollar and increased safe-haven buying amid ongoing tensions in the Middle East."
"In the domestic market, MCX gold was up 1.8 per cent near Rs 1.59 lakh, and silver gained 4 per cent to around Rs 2.63 lakh. With mainland China markets closed for the Lunar New Year, trading volumes were lower, leading to sharper price swings. Activity is expected to improve from Tuesday."
"The court's decision has created fresh uncertainty around global trade, keeping demand for precious metals strong. At the same time, stronger-than-expected US inflation data released on Friday suggests that the Federal Reserve may delay rate cuts until at least June. Going forward, developments related to tariffs, expectations on interest rate cuts, and updates on US- Iran nuclear talks will continue to influence bullion prices," he added. (ANI)