Indian shares opened on a buoyant note Tuesday after U.S. President Donald Trump announced an immediate reduction in reciprocal tariffs on Indian goods to 18 percent from 25 percent.
A White House official confirmed that the Russian oil-linked tariffs will be dropped as part of the agreement and other tariffs lowered to put the rate at 18 percent.
“Self-confidence is that power with the help of which everything is possible. This very power of the countrymen will prove extremely useful in realizing the dream of a developed India,” PM Modi said in a post on X after announcement of the trade deal.
Union Minister Nitin Gadkari stated that the agreement will further strengthen the trust between both countries and will significantly boost confidence in business, trade, and investment.
The benchmark BSE Sensex was up 2,240 points, or 2.7 percent, at 83,907 in early trade while the broader NSE Nifty index surged by 690 points, or 2.8 percent, to 25,778.
Among the top gainers, Mahindra & Mahindra, Reliance Industries, Larsen & Toubro, Axis Bank, Sun Pharma, Bajaj FinServ, Eternal, Bajaj Finance, Indigo and Adani Ports soared 4-8 percent.
Market Analysis
Indian Shares Open On Buoyant Note After US Trade Deal
2026-02-03 04:13:32
