The barometer 30-scrip Sensitive index (Sensex) of the BSE, which opened at 33,289.96 points, closed at 33,596.80 points - up 577.73 points or 1.75 per cent from its previous session's close. The BSE Sensex closed down 351.56 points or 1.05 percent to 33,019.07. Unveiling its first bi-monthly policy review for 2018-19, the Reserve Bank of India's Monetary Policy Committee has kept the repo rate unchanged at 6%, as widely expected.
This was its biggest single day gain since March 12 when it had rallied 610.80 points.
China's move led to worries that the two nations may be heading towards an all-out trade war. The Nifty50 of the National Stock Exchange ended at 10,325.15, gaining 196.75 points or 1.94%.
"The markets also cheered the 'normal" southwest monsoon forecast by private weather forecasting agency Skymet.
"Policy was in consonance with the neutral stance and limited the chances of rate hike in the near term due to favourable domestic triggers and consequent decline in yield".
Shares on BSE advanced, with all sectoral indices were in the green.
However, for the week, Nifty managed to clock a gain of over 2 per cent. Sensex, on the other hand, rose nearly 2 per cent for the week. The Reverse Repo rate now remains unchanged at 5.75%.
SBI (-1.6%), Vedanta (-1.6%), Infosys (-1%), Tata Motors (-1.3%) and L&T (-1.3%) were the top losers in today's trade.
Markets in Japan and Australia clung on to marginal gains but China, Hong Kong and South Korea dipped into the red, delivering a mixed picture across the region.
China on Wednesday chose to impose additional tariffs of 25 per cent on 106 USA goods, including soybeans, autos, some types of aircraft and corn products, in retaliation against the U.S. move to target 1,300 Chinese exports for higher tariffs. Earlier, the provisioning limit was 50 per cent.
India begins process to procure around 110 fighter jets for IAF
The RFI requires no more than 15 per cent of the order - or 16-17 fighters - to be supplied in "flyaway" or fully-built stage. According to the Indian Air Force, "85 percent will have to be made in India by a Strategic Partner/Indian Production Agency".
Al Iaquinta Confirmed As Khabib's UFC 223 Opponent
But Holloway was unable to reach the weight limit for the bout today and was ruled out by the UFC medical team. Iaquinta was originally lined up against Paul Felder at UFC 223 card, but was moved on the top of the bill.
Judge sets Conor McGregor's at $50K after UFC bus attack
The group went down to the loading dock where some fighters who were to participate in UFC 223 on Saturday were getting on buses. Friday, the sports world was rocked by the arrest of noted UFC champ and all-round outspoken fighter Conor McGregor .