Sensex, Nifty surge nearly 2 pc as US suspends additional 26 pc tariffs on India till July 9
Mumbai (PTI): Benchmark Sensex surged by 1,310 points while Nifty closed above 22,900 level on Friday on gains in banking, oil and metal shares as investors rejoiced the 90-day suspension of additional import duties by the US.
Defying a bearish trend in world markets, the 30-share BSE benchmark Sensex jumped 1,310.11 points or 1.77 per cent to settle at 75,157.26. During the day, it soared 1,620.18 points or 2.19 per cent to 75,467.33.
The NSE Nifty surged 429.40 points or 1.92 per cent to 22,828.55. In intra-day trade, the benchmark rallied 524.75 points or 2.34 per cent to 22,923.90.
The US announced suspension of additional tariffs on India for 90 days until July 9 this year, according to the White House executive orders. On April 2, US President Donald Trump slapped universal duties on about 60 countries exporting goods to America and additional steep levies on countries like India, potentially impacting sales of products from shrimp to steel in the world's biggest economy.
Tata Steel was the lead gainer among Sensex shares, rising by 4.91 per cent after the company announced a transformation plan, including job cuts, for its Netherlands steel plant to improve efficiency and margins.
HDFC Bank rose by 2.33 per cent, emerging as the biggest contributor to the Sensex's rise. Reliance Industries, ICICI Bank, Bharti Airtel, Kotak Mahindra Bank, NTPC and Adani Ports were among the gainers.
IT behemoth TCS dropped 0.43 per cent after the company reported a 1.7 per cent decline in the March quarter net profit due to lower margins. Asian Paints declined 0.76 per cent.
"An unexpected pause on reciprocal tariffs by the US provided relief in the midst of the uncertainty. Though the IT major’s (TCS) result missed the street estimates, it opines optimism in the latter half of FY26 owing to growth in the order book," Vinod Nair, Head of Research, Geojit Investments Limited, said.
The BSE smallcap gauge jumped 3.04 per cent and midcap index rallied 1.84 per cent.
All BSE sectoral indices ended higher. Commodities surged the most by 3.40 per cent, followed by consumer durables (2.92 per cent), utilities (2.76 per cent), power (2.64 per cent), energy (2.51 per cent), industrials (2.34 per cent) and consumer discretionary (2.25 per cent).
As many as 3,115 stocks advanced while 846 declined and 118 remained unchanged on the BSE.
Equity markets would remain closed on Monday for Dr. Baba Saheb Ambedkar Jayanti.
World markets largely slumped amid growing concerns due to a tit-for-tat tariff war between China and the US.
Tokyo's Nikkei 225 index and South Korea's Kospi settled lower while Shanghai SSE Composite index and Hong Kong's Hang Seng ended higher. Tokyo's Nikkei 225 index dropped nearly 3 per cent. European markets were trading lower.
US markets ended significantly lower on Thursday a day after a sharp rally. The Nasdaq composite tanked 4.31 per cent, S&P 500 slumped 3.46 per cent and Dow Jones Industrial Average dropped 2.50 per cent.
China on Friday raised its additional tariffs on imports from the US to 125 per cent in retaliation to the Trump administration's 145 per cent levies on Chinese exports.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,358.02 crore on Wednesday.
Indian stock markets were closed on Thursday for Shri Mahavir Jayanti.
Global oil benchmark Brent crude climbed 0.32 per cent to USD 63.53 a barrel.
On Wednesday, the BSE benchmark dropped 379.93 points or 0.51 per cent to settle at 73,847.15. The Nifty declined 136.70 points or 0.61 per cent to 22,399.15.
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We were never really close friends: Neeraj Chopra on Arshad Nadeem
Doha, May 15 (PTI): Seeking to set the record straight, star javelin thrower Neeraj Chopra on Thursday clarified that he and Arshad Nadeem were never really close friends and said "things won't be the same" after the recent India-Pakistan conflict.
In the aftermath of last month's Pahalgam terror attack, the decorated athlete and his family were bombarded with abuse on social media for inviting Pakistan's Nadeem to the now-postponed NC Classic in Bengaluru.
On the eve of the Diamond League here, the two-time Olympic medallist and reigning world champion put things in perspective when asked about his off-field equation with Nadeem, who won the gold medal in the Paris Games last year after the Indian finished at the top of the podium in the Tokyo edition in 2021..
"First I would like to clarify that I don't have very strong relationship (with Nadeem), we were never really close friends or something. But, because of this (tensions on the Indo-Pak border), it will not be like before. But if someone talks to me respectfully I reciprocate the respect," Chopra told reporters during a press conference.
"Yes, as an athlete we have to talk, I have some good friends from the athlete community from all round the world, not only in javelin throw, but also other events. If somebody talks to me respectfully, I will also talk to him with full respect..
"Javelin is a very small community and everyone is competing for their country and everyone wants to give their best.".
The Paris Games silver-winning star from Haryana had earlier said he was deeply hurt to see his and his family's integrity being questioned in abusive social media posts after an invitation was extended to Nadeem to compete in the tournament held in his honour.
Chopra had then clarified that invites for NC Classic were sent out a day before the Pahalgam terror attack in which 26 people, mostly tourists, were killed by terrorists with links to Pakistan..
