Indian Market
Dalal Street explodes! Sensex soars 2,400 points after Trump–Modi trade deal
Indian benchmark indices opened sharply higher on Tuesday, with the Nifty surging 750 points and the Sensex jumping 2,400 points in early trade.
The rally came hours after India and the United States announced a breakthrough trade agreement under which Washington reduced its reciprocal tariff on Indian imports from 25% to 18%.
In return, New Delhi committed to halting purchases of Russian oil and expanding energy imports from the US.
President Donald Trump announced the deal on Monday following a phone conversation with Prime Minister Narendra Modi.
Posting on Truth Social, Trump said the agreement was reached “out of friendship and respect” for Modi, adding that India would eliminate tariffs and non-tariff barriers on American goods.
Trump also said India’s decision to stop buying Russian oil would support broader efforts to end the war in Ukraine.
Prime Minister Modi confirmed the development in a post on X, welcoming the tariff cut to 18% on “Made in India” products and thanking President Trump for the move. He said deeper cooperation between the two democracies would unlock significant opportunities for mutually beneficial growth.
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