• Source:JND
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Stock Market Today: The domestic equity benchmark indices Sensex and Nifty soared over 1% during the intraday trade on Wednesday, sighing relief to investors. The Sensex made a dramatic turnaround, rallying over 900 points while Nifty50 ended a historic 10-day losing streak. At around 1:54 pm, BSE's Sensex was at  73,709.32, rallying 0.99 percent, while Nifty50 surged 246.70 to trade at 22,329.55.

Key Reasons Driving Today's Rally

IT stocks rose

IT stocks led the recovery, with Coforge gaining nearly 10% after it struck a 13-year, $1.56 billion deal with Sabre Corp. The gains were broad-based, with 11 of the 13 major sector indexes in the green. The IT index gained 2%, paring some losses after falling more than 8% in the previous 10 sessions.

Uncertainty continues over tariffs

However, the real concern is about Trump's tariff moves. Canada, China and Mexico have already announced retaliatory measures, and Mexico is expected to reveal more details soon.

It is worth noting that US President Donald Trump has confirmed in his address to Congress that the new reciprocal tariffs will come into effect from April 2. This could lead to fresh volatility in global markets, including India.

Asian stocks rise

The gains came after Asian markets rose after US Commerce Secretary Gina Raimondo commented that some tariffs on Canada and Mexico could be lifted. The MSCI Asia ex-Japan index rose 1%, lifting sentiment.

Globally, Asian markets were mostly positive. Indonesian stocks rose 3% after the previous day's sharp decline. The Malaysian ringgit, Philippine peso and South Korean won strengthened slightly as US Treasury yields fell.

This is a developing story...