Indian Markets Rally as Trump Delays Tariffs Until July 9
Click to start listening
Synopsis
The Indian equity market opened positively on April 11, boosted by US President Trump's announcement to delay reciprocal tariffs until July 9. Sensex rose by 1,170 points, while Nifty gained 373 points. Despite this, most Asian markets traded lower, and US stocks faced a sharp decline the previous day.
Key Takeaways
- Sensex increased by 1,170 points.
- Nifty rose by 373 points.
- Major gainers included Tata Motors and Sun Pharma.
- Asian markets mostly declined.
- Gold prices hit a record high.
Mumbai, April 11 (NationPress) The Indian equity market commenced trading on a positive note on Friday after US President Donald Trump declared a halt to reciprocal tariffs until July 9.
At approximately 9:22 am, the Sensex surged by 1,170 points, or 1.58 percent, reaching 75,017, while the Nifty climbed 373 points, or 1.67 percent, to settle at 22,772.
In addition to large-cap stocks, there was noticeable buying activity in small-cap and mid-cap segments. The Nifty midcap 100 index fell by 753 points, or 1.52 percent, to 50,335, and the Nifty smallcap 100 index decreased by 278 points, or 1.83 percent, to 15,535.
Conversely, most Asian markets were experiencing declines. Cities such as Tokyo, Hong Kong, Bangkok, and Seoul were in negative territory, while Jakarta and Shanghai showed positive movement.
On Thursday, US stock markets experienced a significant downturn. The Dow closed down by 2.50 percent, and the Nasdaq dropped by 4.31 percent.
Within the Sensex constituents, the top performers included Tata Motors, Sun Pharma, Tata Steel, Tech Mahindra, HCL Tech, Bajaj Finserv, Adani Ports, Bajaj Finance, Eternal, M&M, and Power Grid. In contrast, TCS and Asian Paints faced losses.
Pranay Aggarwal, Director and CEO of Stoxkart, commented, "The recent shifts in U.S. trade policy under President Donald Trump have caused notable volatility in global markets, including India. The temporary relief from a 90-day pause on most tariffs has been beneficial, but sectors directly affected by these tariffs, like pharmaceuticals and seafood exports, still encounter challenges."
He further advised, "Investors should keep a close watch on ongoing trade discussions and sector-specific news to better navigate this period of global uncertainty."
The Indian rupee opened stronger, gaining 51 paise to reach 86.18 per dollar on Friday, compared to Wednesday's closing of 86.69.
Gold prices crossed the $3,200/oz mark for the first time, driven by a weaker dollar and a growing trade conflict, prompting investors to seek safe-haven assets.
Foreign institutional investors (FIIs) continued their selling streak on April 9, offloading equities worth ₹4,358 crore. Meanwhile, domestic institutional investors (DIIs) continued their buying spree for the third consecutive day, acquiring equities worth ₹2,976 crore.
