Minutes after US President Donald Trump announced that India and the United States have agreed to a trade deal, GIFT Nifty futures jumped 3.8%.
Following the announcement, GIFT Nifty futures rose sharply. The futures contract linked to the benchmark Nifty 50 was trading 821 points higher at 25,950 as of 11:21 p.m.
Along with this, the US-listed iShares MSCI India ETF touched session highs and gained up to 2.4%. The rupee also strengthened in offshore trading, rising 1% against the US dollar.
The rally was not limited to GIFT Nifty. New York-listed shares of major Indian companies also moved higher. IT giants Infosys Ltd. and Wipro Ltd., along with banks such as HDFC Bank and ICICI Bank, were trading in positive territory. Wipro ADR surged 7%, while Infosys ADR and HDFC ADR gained over 3% each. ICICI Bank ADR was trading up around 4%.
India and the US have “agreed to a trade deal” that will cut reciprocal tariffs on Indian imports to 18% from 25%, Trump said after a phone call with Prime Minister Narendra Modi. He added that the deal would be “effective immediately,” pointing to quick tariff relief for India.
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