India’s benchmark indices surged on Friday, buoyed by US President Donald Trump’s decision to pause reciprocal tariffs for 90 days on several countries, including India.
The BSE Sensex jumped 1,061.26 points to open at 74,941.53, while the NSE Nifty gained 354.90 points, starting the session at 22,754.05.
Markets had been closed the previous day, and the tariff reprieve, announced late Wednesday, lifted investor sentiment at the opening bell.
However, the broader indices opened lower: the Nifty Midcap 100 was down 753 points, or 1.52 percent, at 50,335, while the Nifty Smallcap 100 dropped 278 points, or 1.83 percent, to 15,535.
Among the top gainers on the Sensex were Tata Motors, Sun Pharma, Tata Steel, Tech Mahindra, HCL Tech, Bajaj Finserv, Adani Ports, Bajaj Finance, Eicher Motors, M&M, and Power Grid. TCS and Asian Paints were among the few laggards.
Pranay Aggarwal, Director and CEO at Stoxkart, said: “Recent developments in U.S. trade policy under President Trump have led to significant fluctuations in global markets, including India. While the 90-day pause on tariffs offers temporary relief, sectors such as pharmaceuticals and seafood exports still face headwinds.”
“Investors are advised to closely monitor ongoing trade negotiations and sector-specific developments to navigate this period of global uncertainty,” he added.
Ajay Bagga, banking and markets expert, said: “Indian markets opened gap-up following Wednesday’s US market rally after the tariff announcement. However, Thursday’s decline in US markets and Gift Nifty suggests some pullback. With Monday being a holiday, traders are likely to cut positions later today, possibly flattening the rally.”
He also pointed to a drop in the US dollar index to the 100 level, which could support emerging market flows in the medium term. “Sentiment remains fragile. Safe-haven flows have buoyed gold, the Japanese yen, and the Swiss franc,” he said.
Reflecting investor caution, gold prices in India hit an all-time high of Rs 91,500 per 10 grams. The Indian rupee also strengthened, opening 51 paise higher at 86.18 per US dollar compared to Wednesday’s close of 86.69.
On the corporate front, Tata Consultancy Services (TCS) reported earnings below expectations, prompting several brokerages to revise down their target prices for the IT bellwether.
In the broader region, Asian markets were mixed. Tokyo, Hong Kong, Bangkok, and Seoul traded lower, while Jakarta and Shanghai saw gains. Meanwhile, US markets closed sharply lower on Thursday — the Dow fell 2.50 percent and the Nasdaq slumped 4.31 percent.
(With inputs from agencies)