April 8 (Reuters) – India’s benchmark indexes on Tuesday rebounded from the previous session’s sharp selloff as bargain hunting and a broader recovery across Asia lifted sentiment amid hopes of U.S. tariff negotiations.
The Nifty 50 rose 1.08% to 22,409.15 while the BSE Sensex gained 1% to 73,860.7 respectively, as of 10:22 a.m. IST. Both had risen about 1.9% earlier in the morning.
“The rebound comes as no surprise as markets are oversold and remain ripe for a rebound led by tariff-agnostic companies and sectors,” said Yogesh Kansal, cofounder of online trading platform Appreciate.
The Nifty and Sensex tumbled 3.2% and 3% respectively on Monday — their biggest single-day drop in 10 months — as fears of a global recession flared following new U.S. tariffs.
Asian stocks too bounced off 1-1/2-year lows and U.S. stock futures pointed higher on the day. Japan’s Nikkei 225 jumped 6.3%, outperforming other Asian peers.
The uptick came after U.S. President Donald Trump said Japan would send a delegation to negotiate, boosting hopes that Washington might soften its tariff stance.
However, the U.S. President also vowed additional 50% levies on Chinese imports, if Beijing maintains its retaliatory tariffs, capping optimism.
All 13 major Indian sectoral indexes traded higher. Broader markets also firmed up, with small-cap and mid-cap indexes gaining about 1.2% each.
Titan jumped 5% after the jeweller and watchmaker said standalone revenue rose 25% in the March quarter, helped by rallying gold prices.
Electronic equipment maker Bharat Electronics gained 3.4% after winning a 22 billion-rupee order ($257.4 million) from Indian Air Force for electronic warfare suites.
