The world's two largest economies never set a timeline for the second phase, however, and trade negotiations were quickly overshadowed as countries around the world grappled with the coronavirus pandemic.
As US and China put an end to trade hostility, prospects brighten for global economy. However, there lies a window of opportunity for India and it must seize this moment.
Banking and metal stocks were the worst sufferers. IndusInd Bank lowered by 4.13 per cent to Rs 1,420.40 per share after reporting deteriorating asset quality in third quarter results a day earlier despite 33 per cent jump in net profit.
Currency issues will remain a key focus in trade negotiations even if Treasury reverses China's formal condemnation. Trump and trade protectionists in both parties insist that China takes other discreet action to push down the value of the yuan while the U.S. dollar remains strong.
Wipro gained by 1.4 per cent while HCL Technologies was up by 1.3 per cent. Sun Pharma, Cipla and Dr Reddy's ticked up by 2 per cent, 1.2 per cent and 1 per cent respectively. The other prominent winners were Britannia, Hindustan Lever and Kotak Mahindra Bank.
MSCI's broadest index of Asia Pacific shares outside Japan was up by 0.55 per cent while Japan's Nikkei lay flat. Japan has approved a record budget for the coming fiscal year in a bid to shore up growth.
Automaker Tata Motors jumped 4.79 per cent at Rs 181.65 per cent. Private lenders Yes Bank and Axis Bank added gains of 3.3 per cent and 1.5 per cent respectively.
Bharti Infratel moved up by 5.3 per cent at Rs 237.40 per share while UPL rose by 3.8 per cent at Rs 572.95 apiece.
Index heavyweight Reliance Industries also added gains of 1.7 per cent while the other gainers included Power Grid Corporation, Zee Entertainment, Sun Pharma, ITC, Vedanta and Tata Steel.
US President Donald Trump said a day earlier that a trade deal with China was close but gave no new details on when or where an agreement will be signed.