Mumbai: Tech stocks led the rally on Dalal Street on Wednesday, taking the sensex above the 80K mark after more than four months. The overnight rally in the US market also aided the strong buying momentum in the Indian market. As a result, the sensex closed 521 points or 0.7% up at 80,116 points, while on the NSE, Nifty closed 162 points or 0.7% up at 24,383 points.
On Tuesday night, US markets rose sharply after President Donald Trump indicated that he may dilute his stand on imposing tariffs on China, its biggest trading partner. The rally was also aided by Trump’s stance on Federal Reserve chairman Jerome Powell. Tuesday’s rally was carried forward on Wednesday, with the Nasdaq Composite up nearly 4%, the Dow Jones index up 2.3%, and the S& up nearly 3% by mid-session.