Mumbai: Indian equity markets opened on a strong note Friday following U.S. President Donald Trump’s announcement to pause reciprocal tariffs on India until July 9.
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Market Opening Highlights
At around 9:22 am, the Sensex surged by 1,170 points or 1.58% to 75,017, while the Nifty climbed 373 points or 1.67% to 22,772.
Broader Market Movement
Buying interest was seen across large-cap stocks, while small-cap and mid-cap indices saw declines:
- Nifty Midcap 100 Index: Down 753 points or 1.52% at 50,335
- Nifty Smallcap 100 Index: Down 278 points or 1.83% at 15,535
Global Market Trends
Most Asian markets traded in the red:
- Tokyo, Hong Kong, Bangkok, and Seoul were down.
- Jakarta and Shanghai managed to stay positive.
Meanwhile, U.S. stock markets closed sharply lower on Thursday:
- Dow Jones: Down 2.50%
- Nasdaq: Fell 4.31%
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Top Gainers and Losers on Sensex
Gainers:
- Tata Motors
- Sun Pharma
- Tata Steel
- Tech Mahindra
- HCL Tech
- Bajaj Finserv
- Adani Ports
- Bajaj Finance
- Eternal
- M&M
- Power Grid
Losers:
- TCS
- Asian Paints
Expert Commentary
Pranay Aggarwal, Director and CEO of Stoxkart, commented:
“Recent developments in U.S. trade policy under President Donald Trump have led to significant fluctuations in global markets, including those in India. Even though a 90-day pause on most of these tariffs has provided temporary relief, sectors directly impacted by the tariffs, such as pharmaceuticals and seafood exports, continue to face challenges.”
He further advised investors to keep a close watch on trade negotiations and sector-specific trends due to the prevailing uncertainty.
Rupee and Gold Update
- Indian Rupee: Opened 51 paise stronger at 86.18 per dollar (vs previous close of 86.69)
- Gold: Hit a historic high, breaching the $3,200/oz mark, driven by a weakening dollar and rising trade tensions
Institutional Activity
- Foreign Institutional Investors (FIIs): Continued their selling streak for the eighth day, offloading equities worth Rs 4,358 crore
- Domestic Institutional Investors (DIIs): Continued their buying for the third straight day, purchasing equities worth Rs 2,976 crore