Indian equity markets surged on Friday following the US decision to suspend additional import tariffs on India for 90 days. The Sensex jumped 1,310 points (1.77 per cent) to close at 75,157.26, while the Nifty rose 429.40 points (1.92 per cent) to settle at 22,828.55.
The tariff suspension, announced by the White House, offered a breather after President Trump had earlier imposed steep levies on multiple countries, including India, potentially affecting exports ranging from steel to shrimp.
Tata Steel led the Sensex gainers, surging 4.91 per cent after announcing a restructuring plan for its Netherlands plant. HDFC Bank, Reliance, ICICI Bank, and Adani Ports also posted strong gains. However, TCS fell 0.43 per cent following weaker-than-expected quarterly earnings.
All BSE sectoral indices closed higher, led by commodities (up 3.4 per cent) and consumer durables (2.92 per cent). Broader markets also rallied, with the smallcap index up 3.04 per cent and midcaps gaining 1.84 per cenr. Investor wealth rose by ₹7.85 lakh crore, pushing the total market cap of BSE-listed companies to ₹401.67 lakh crore.
Gold soars
Gold prices soared to an all-time high of ₹96,450 per 10 grams in Delhi, driven by global demand amid escalating US-China trade tensions. Silver also rallied ₹2,300 to ₹95,500/kg.
In Calcutta, gold prices were up by ₹2,050 at ₹93,650 per 10 gram. Internationally, spot gold peaked at $3,262.30 per ounce before easing slightly.
Analysts cited geopolitical uncertainty and a weakening US dollar, which dropped below the 100-mark, as key factors behind the gold surge. Central bank purchases of gold and long-term economic uncertainty are also expected to support prices.
Rupee firm
The rupee strengthened by 61 paise to close at 86.07 (provisional) against the US dollar, tracking the greenback’s decline and strong domestic equity performance. The dollar index dropped 1.52 per cent to 99.34.
Global markets were mixed amid ongoing tariff tensions. While Shanghai and Hong Kong rose, Tokyo and European markets ended lower. US indices fell sharply on Thursday, with the Nasdaq dropping over 4 per cent. Markets in India will remain closed on Monday on the occasion of Ambedkar Jayanti.