Sensex, Nifty surge nearly 2% as US suspends additional 26% tariffs on India till July 9

Mumbai: Benchmark Sensex surged by 1,310 points while Nifty closed above 22,900 level on Friday after the US announced suspension of additional tariffs on India for 90 days until July 9 this year.

Defying a bearish trend in world markets, the 30-share BSE benchmark Sensex jumped 1,310.11 points or 1.77 per cent to settle at 75,157.26. During the day, it soared 1,620.18 points or 2.19 per cent to 75,467.33.

The NSE Nifty surged 429.40 points or 1.92 per cent to 22,828.55. In intra-day trade, the benchmark rallied 524.75 points or 2.34 per cent to 22,923.90.

The US has announced suspension of additional tariffs on India for 90 days until July 9 this year, according to the White House executive orders.

On April 2, US President Donald Trump slapped universal duties on about 60 countries exporting goods to America and additional steep levies on countries like India, potentially impacting sales of products from shrimp to steel in the world's biggest economy.

From the Sensex firms, Tata Steel, Power Grid, NTPC, Kotak Mahindra Bank, Reliance Industries and Adani Ports were among the biggest gainers.

Asian Paints and Tata Consultancy Services were the only laggards.

"An unexpected pause on reciprocal tariffs by the US provided relief in the midst of the uncertainty. Though the IT major’s result missed the street estimates, it opines optimism in the latter half of FY26 owing to growth in the order book," Vinod Nair, Head of Research, Geojit Investments Limited, said.

World markets largely slumped amid growing concerns due to a tit-for-tat tariff war between China and the US.

In Asian markets, Tokyo's Nikkei 225 index and South Korea's Kospi settled lower while Shanghai SSE Composite index and Hong Kong's Hang Seng ended higher. Tokyo's Nikkei 225 index dropped nearly 3 per cent.

European markets were trading lower.

US markets ended significantly lower on Thursday a day after a sharp rally. The Nasdaq composite tanked 4.31 per cent, S&P 500 slumped 3.46 per cent and Dow Jones Industrial Average dropped 2.50 per cent.

China on Friday raised its additional tariffs on imports from the US to 125 per cent in retaliation to the Trump administration's 145 per cent levies on Chinese exports.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,358.02 crore on Wednesday.

Indian stock markets were closed on Thursday for Shri Mahavir Jayanti.

Global oil benchmark Brent crude climbed 0.32 per cent to USD 63.53 a barrel.

On Wednesday, the BSE benchmark dropped 379.93 points or 0.51 per cent to settle at 73,847.15. The Nifty declined 136.70 points or 0.61 per cent to 22,399.15.