The Nifty 50 rose 1.57 per cent to 25,054.80 and the BSE Sensex gained 1.45 per cent to 82,506.47 as of 3 pm on Thursday after trading flat in the earlier session, marking a seven-month high for the benchmark indices after US President Donald Trump’s claims of India offering a ‘zero-tariffs’ trade pact raised hopes.
With speculation being high that a trade deal will happen, Nifty was able to reclaim its 25k peak after seven months.
Trump has been on a four-day trip to the Middle East, where he has been making headlines with business deal announcements. The US President has been on a deal-making spree with countries after initially entering a near-embargo in trade with China post tit-for-tat tariff war.
Although the two major economies have since entered a 90-day pause on reciprocal tariffs, New Delhi and Washington have also been attempting to finalise a deal. India’s trade minister is expected to meet Trump administration officials in the US from May 17-20 for further negotiations on a bilateral trade deal.
India had earlier threatened to impose retaliatory tariffs in response to higher US tariffs on steel and aluminium.
“An India–US trade deal may be on the cards. But the deal must ensure strict reciprocity, with both sides eliminating tariffs equally," Ajay Srivastava, founder of New Delhi-based think tank Global Trade Research Institute reportedly told Bloomberg.
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