An agreement has been reached between India and America, ending the long-standing uncertainty regarding the India-US trade deal. On Monday, after a phone conversation with Prime Minister Narendra Modi, US President Donald Trump himself shared important details about the trade agreement on social media platform Truth Social. In a post on Truth Social, he praised PM Modi and announced, “We have agreed to a trade deal between the US and India, effective immediately.” He also announced reduction in tariffs imposed on India from 25% to 18%.
What are the starting figures?
Sensex opened 3657 points higher at 85,323.
Nifty opened 1220 points up at 26,308
Bank Nifty opened 2792 points higher at 61,411.
Rupee opened 108 paise stronger at 90.44/$
These are the top gainers in initial business
In early trade, the top 10 gaining stocks included Adani Ports, Reliance along with Bajaj Finance (6.50%), Eternal Shares (4.50%), Bajaj Finserv (4.31%), IndiGo (3.99%), Mahindra & Mahindra (3.95%), Sun Pharma (3.63%), Infosys (3.50%), Titan (3%), and Maruti (2.94%).
Rise in Reliance, Adani and other shares
The stock market, boosted by the India-US trade deal and 18% reduction in tariffs, saw a rise in shares of many big companies as it opened. Shares of Adani Ports rose by more than 7 percent, while shares of Reliance, owned by India’s richest man Mukesh Ambani, also gained nearly 4 percent.
Great start of stock market
Stock markets got off to a great start today due to the US-India trade deal. Nifty opened for the first time with a gain of 1200 points. Sensex also saw a rise of more than 2400 points, while Bank Nifty rose by almost 1400 points. Nifty IT index also gained about 1200 points.