New Delhi, Feb 3 (UNI) The Indian stock markets staged a strong rally on Tuesday, buoyed by optimism over the Indo-US trade deal, with both the BSE Sensex and NSE Nifty 50 posting significant gains.
The BSE Sensex soared 2,072 points, or 2.54pc, to close at 83,739.13, while the Nifty 50 climbed 639 points, or 2.55pc, to settle at 25,727.55. The Sensex opened at 85,323.20, touched a high of 85,871.73, and recorded a low of 83,501.22, while the Nifty ranged between 25,641.30 and 26,341.20 during the session.
Markets opened on a buoyant note, with sentiment lifted by the trade deal that slashed duties on Indian exports to the US from 50 per cent to 18 per cent, easing a major source of uncertainty that had weighed on equities for months.
“The markets have heaved a sigh of relief as the trade dispute between the two giant democracies has been resolved. Most stocks are trading in the green today,” Vikram Sahney, a leading Delhi-based stock analyst, said.
Despite some profit-booking in the afternoon, the indices held most of their gains, with Sensex approaching its 52-week high of 86,159.02 and Nifty close to its 52-week high of 26,373.20.
Among market heavyweights, RIL traded at Rs 1438.20, up 3.42 per cent at end of trading day; Adani Enterprises was up by 10.58 per cent and was trading at Rs 2,206 a share.
While Tata Motors was trading at Rs 372.50, up 2.65 per cent.
Indian equity markets had opened sharply higher on Tuesday, when trading began at 9.15 and the momentum continued. The breakthrough trade deal has lifted sentiment after months in which uncertainty over global trade conditions contributed to Indian equities underperforming their Asian and emerging-market peers.
In early offshore trading before trading hours in India, Gift Nifty futures were around 26,166, signalling a strong positive start for domestic benchmarks.
Gift Nifty is a US dollar-denominated futures contract linked to India’s Nifty 50 index and is widely seen as an indicator of foreign investor sentiment ahead of the local market open.
Last night, after the deal was reached, US President Donald Trump had posted on X: “It was an Honor to speak with Prime Minister Modi, of India, this morning… He agreed to stop buying Russian Oil and to buy much more from the United States.”
Sources said India is likely to purchase petroleum products, defence equipment and aircraft from the United States and will also partially liberalise its highly protected farm sector under the new trade agreement.
The Indian market’s upbeat mood also mirrored global trends, as major US indices, including the Dow Jones, S&P 500, and Nasdaq, all recorded moderate gains.
