The Indian markets erased morning losses on Thursday on rumours that China and the US have agreed to cancel existing tariffs in different phases.
At 2:08 pm, the Sensex surged 141.49 points or 0.35 percent higher at 40611.27 while the Nifty50 index rose 33.80 points or 0.28 percent at 11999.80
IndusInd Bank, Bharti Infratel, Vedanta, Hindalco, and Infosys were the Nifty50 top gainers while ONGC, Cipla, Tata Motors, GAIL, and Hindustan Unilever remained the top losers.
Shares of Indiabulls Housing Finance surged nearly 17 percent after the company disclosed its financial results for the quarter ended September 30. The housing finance company's gross non-performing assets declined by 3.1 percent to Rs 1,611 crore.
NBCC's shares surged over 17 percent on Thursday on the back of heavy volumes as Finance Minister Nirmala Sitharaman announced measures to boost the realty sector.
Meanwhile, Reuters reported, "China and the United States must simultaneously cancel some existing tariffs on each other's goods for both sides to reach a "phase one" trade deal, the Chinese commerce ministry said."
Both sides have agreed in the past two weeks to cancel the additional tariffs imposed during their months-long trade war in different phases, Gao said.
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