Indian markets could recoup much of the heavy losses suffered earlier this week on Friday, following the 90-day pause on reciprocal tariff announced by US President Donald Trump.

Even as the Indian markets were closed on Thursday on account of Mahavir Jayanti, the Gift Nifty Futures were up nearly 3 per cent, or 650 points, indicating a gap up opening when the BSE and the NSE resume trading on Friday.

The caveat: the trade spat and verbal volleys between Washington and Beijing must remain low key overnight.

GIFT Nifty is a derivative contract tracking the performance of the top 50 companies listed on the NSE, represented by the Nifty 50 index. Designed to provide international investors access to Indian equity markets, Gift Nifty Futures give a cue on how the market is going to open.

Gift Nifty closed at 23135, up from the previous close of 22487 on Wednesday.

In Asian markets, Tokyo’s Nikkei 225 index jumped 9.13 per cent, South Korea’s Kospi surged 6.60 per cent on Thursday.

Hong Kong’s Hang Seng went up 2.06 per cent and Shanghai SSE Composite index climbed 1.16 per cent.