Indian equity benchmark -- Nifty -- closed by ending 10 days losing streak on Wednesday, as US Commerce Secretary indicated that the administration may ease some tariffs imposed on Canada and Mexico hinting flexibility in trade negotiations. Index made a cautious start on Wednesday, following weakness on Wall Street overnight. Soon, market made recovery as some optimism came after Finance Minister Nirmala Sitharaman said that the government remains steadfast in reducing regulatory burdens, besides enhancing trust-based governance and taking steps to make India a seamless, export-friendly economy.
Market gained strength and continued to trade in green throughout the day as investors opted to buy stocks at cheaper valuation following the recent sell-offs. Sentiments remained positive after India’s services sector activity expanded sharply in the month of February, boosted by improving domestic and international demand. According to the survey report, the seasonally adjusted HSBC India Services PMI Business Activity Index jumped to 59.0 in February from 56.5 in January. Further, the HSBC India Composite PMI Output Index -- which measures both manufacturing and services -- also surged to 58.8 in February as against 57.7 in January.
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