Sensex, Nifty Recoup Losses To End Notably Higher

(RTTNews) - Indian shares reversed course to end higher on Tuesday after an American top official said that more negotiations are required between the United States and India to seal a trade deal.

"We continue to speak with our Indian counterparts, we've always had very constructive discussions with them," U.S. Trade Representative Jamieson Greer said, days ahead of President Trump's August 1 tariff deadline.

"They have expressed strong interest in opening portions of their market, we of course are willing to continue talking to them. But I think we need some more negotiations on that with our Indian friends to see how ambitious they want to be," he said according to the Bloomberg.

Separately, U.S. President Donald Trump said that countries refusing to negotiate separate trade deals could face tariffs ranging from 15 percent to 20 percent, well above the 10 percent rate set in April.

The benchmark BSE Sensex hit a low of 80,575.45 before rebounding to close up 446.93 points, or 0.55 percent, at 81,337.95.

The broader NSE Nifty index closed up 140.20 points, or 0.57 percent, at 24,821.10, after having hit a low of 24,598.60 earlier.

The BSE mid-cap and small-cap indexes jumped 0.8 percent and 1.1 percent, respectively.

The market breadth was strong on the BSE, with 2,492 shares rising while 1,501 shares declined and 161 shares closed unchanged.

Among the top gainers, Reliance Industries, Larsen & Toubro and Asian Paints all rose around 2 percent.