News

The Indian stock market recorded one of its biggest rallies in the recent past during Tuesday’s trading session on February 03, as the much-awaited trade deal between the US and India was finally sealed, significantly lowering tariffs on Indian goods.

The development boosted investor sentiment, triggering a broad-based buying spree across segments, with export-oriented sectors emerging as the biggest beneficiaries. Optimism also spilled over into capital market stocks, which had seen a sharp knockdown following the unexpected announcements in the Union Budget 2024.

The Nifty 50 surged 639 points, or 2.55%, to 25,727, marking one of its best intraday performances in recent history, while the S&P Sensex jumped 2,259 points, or 2.54%, to settle at 83,739. Broader markets closed with even sharper gains, with the Nifty Midcap 100 and Nifty Smallcap 100 each rallying nearly 3%.

Not just equities, the Indian rupee also got a boost, surging over 1% against the US dollar and logging its biggest intraday gain in a year.

(more to come)

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