Mumbai: Tech stocksled 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.

Tuesday’s buying in the domestic market was led by foreign funds that net infused Rs 3,333 crore, BSE data showed. In the last five trading sessions, foreign funds net infused Rs 20,410 crore (about $2.4 billion) into Indian stocks alone, data from NSDL and BSE showed. Since closing at 73,847 points on April 9, the sensex has added nearly 6,300 points or 8.5%.The gains came on the back of signals from Trump that he may soften his stance on tariffs on US’s trading partners, a cut in interest rates by the RBI, forecast of a normal monsoon and the cooling off of retail inflation.The day’s rally added Rs 3.1 lakh crore to investors’ wealth, with BSE’s market capitalisation at Rs 430.5 lakh crore.