Benchmark indices Sensex and Nifty surged to new highs on Tuesday. The Sensex 202 points higher at 38,896.63 while Nifty ended at 11,738.50, up 46 points. Market heavyweight Reliance Industries or RIL led the charge, with shares rising 2% to Rs 1,318.20.
The NSE index, Nifty50, has had a record-setting run in the last two months, while the BSE has been Asia’s top performing index this year. The new highs come as companies in India, the fastest growing major economy in the world, reported a 11.6% annual increase in profits for the June 2018 quarter, the strongest growth in five quarters.
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The rupee was trading flat at 70.15 against the US dollar in late trade, as compared to Monday’s close of 70.16.
Asian shares advanced today amid hopes global tariff tensions were abating as the US and Mexico made a deal to overhaul the North American Free Trade Agreement (NAFTA).
Investors expect Canada too would agree to the new terms to preserve a three-nation pact.