The 30-share BSE benchmark Sensex climbed 147.79 points or 0.20% to settle at 75,449.05. During the day, it advanced 267.12 points or 0.35% to 75,568.38. The NSE Nifty rose 73.30 points or 0.32% to 22,907.60.
Credit: PTI File Photo
Bengaluru: The Indian markets welcomed Trump’s 90-day tariff pause, with benchmarks BSE Sensex and NSE Nifty both surging close to 2% on Friday, in contrast to fall in the global markets. Most gains were seen in banking, oil and metal stocks.
The 30-share Sensex rose 1,310.11 points or 1.77% to settle at 75,157.26. During the day’s trading, it had jumped up 2.19%. Investors on the benchmark saw their wealth swell by Rs 7.85 lakh crore. The 50-share Nifty, meanwhile, went up 429.40 points or 1.92% to 22,828.55. In intra-day trade, it had rallied 2.34%.
“Markets wrapped up the week on a strong note, gaining nearly 2%, buoyed by positive global cues. The US decision to defer tariffs for all countries except China eased recession concerns, boosting sentiment and lifting fears of a global slowdown,” said Ajit Mishra,SVP Research, Religare Broking Ltd.
US President Donald Trump, on Wednesday announced suspension of additional tariffs on India for 90 days until July 9 this year. This means that goods from India will attract a 10% baseline tariff till July 9, but not the 26% tariff. Indian markets were closed on Thursday on account of Mahavir Jayanti.
"An unexpected pause on reciprocal tariffs by the US provided relief in the midst of the uncertainty. Any development in the bilateral trade negotiations can alter the near-term outlook on the export-driven sectors. The supportive domestic environment with an ease in interest rates and a benign inflation trajectory is encouraging investors to have a balanced portfolio to aid in a better risk-reward in the long term," said Vinod Nair, Head of Research, Geojit Investments Ltd.
Tata Steel was the lead gainer among Sensex shares, rising by 4.91% after the company announced a transformation plan, including job cuts, for its Netherlands steel plant to improve efficiency and margins.
Other gainers included HDFC Bank, Reliance Industries, ICICI Bank, Bharti Airtel, Kotak Mahindra Bank, NTPC and Adani Ports.
The BSE smallcap gauge jumped 3.04% and the midcap index rallied 1.84%. All BSE sectoral indices ended higher. World markets largely slumped amid growing concerns due to the escalating tariff war between China and the US.