Stock market cheers India-US trade deal, Sensex rallies over 2,400 points
MUMBAI: The Indian equity markets surged sharply by around 3 per cent early on Tuesday with broad-based buying across sectors, buoyed by the announcement of the India-US trade deal.
As of 9.25 am, Sensex added 2,421 points, or 2.97 per cent, to reach 84,088, and Nifty gained 741 points, or 2.96 per cent to settle at 25,829.
India and United States have agreed to a trade agreement under which reciprocal tariffs on Indian goods will be slashed to 18 per cent from 25 per cent, and the additional 25 per cent duty on purchases of Russian crude oil will be eliminated. The trade deal will be "effective immediately", President Donald Trump said, following a phone call with Prime Minister Narendra Modi late on Monday, offering immediate tariff relief for India.
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