Trump-Putin meeting soon: Global markets rejoice on hopes of positive outcome; NIFTY50 and SENSEX trim losses

Amid the anxiety over the new level of tariffs imposed on India, positive geopolitical cues emerge from the Kremlin. According to the state news agency, Tass, “At the suggestion of the American side, an agreement was, in principle, reached upon holding a bilateral meeting at the highest level in the coming days, that is a meeting between President Vladimir Putin and Donald Trump,” Putin aide Yury Ushakov told reporters, reported the Financial Times.

Following the news, global market investors rejoiced and added more bets on to the global markets. The US stock market futures rose by 0.6% in the afternoon on Thursday. The Russian benchmark index from Moscow, the MOEX Russia index, jumped over 5%. The Indian benchmark indices of NIFTY50 and SENSEX too recouped the majority of the losses to trade higher in the afternoon trade on Thursday. NIFTY50 traded above the 24,500 levels, and SENSEX back above the 80,000 levels.

Investors and traders across the globe increased their bets on risky assets and reduced it from the safe havens like gold. Gold prices dropped over $20 from the intraday high levels of $3,397 per ounce to $3,377 per ounce. At the index level, Reliance Industries trimmed losses to trade at ₹1,389 apiece on the NSE, after bouncing back from the intra-day low levels of ₹1,366. Similarly, other oil-related stocks like Hindustan Petroleum, BPCL and others too bounced back from the intraday levels.

NIFTY50 currently traded at 24,519, down 54 points or 0.2%, recovering from the intraday low levels of 24,344. Similarly, SENSEX traded 305 points lower at 80,243, bouncing back from intraday low levels of 79,811.

Hero MotoCorp (+3.8%), Tech Mahindra (+0.9%), Eternal (+0.8%), Wipro(+0.6%) and JSW Steel(+0.6%) are the top five gainers in the NIFTY50. On the flipside, Adani Enterprises (-2.5%), Adani Ports (-1.8%), Trent (-1.5%), Tata Motors (-1.5%) were the top losers on the NIFTY50