Indian equity futures rallied sharply on Wednesday night as global market sentiment improved following a major announcement from former U.S. President Donald Trump. Gift Nifty surged 460.50 points or 2.01% to close at 22,947.50, tracking strong gains in U.S. indices and easing global trade concerns.
The surge came after Trump announced a 90-day pause on reciprocal tariffs for countries that have not retaliated against the United States amid rising global trade tensions. India, which did not impose retaliatory duties on U.S. imports, is among the 75+ countries set to benefit from this move.
In a detailed post on Truth Social, Trump wrote:
“Based on the fact that more than 75 countries have called Representatives of the United States… and that these countries have not, at my strong suggestion, retaliated in any way… I have authorized a 90-day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately.”
This comes just days after Trump triggered a global market selloff by slapping a 104% tariff on Chinese imports, prompting China to retaliate with 84% tariffs. The situation intensified earlier today as Trump raised tariffs on China to 125%, while also hitting India with a 27% tariff. However, India’s restraint in retaliating has secured temporary relief via the tariff pause.
Wall Street responded positively, with the Dow Jones jumping over 2,200 points (+5.86%) and the Nasdaq surging more than 1,227 points (+8.04%), helping lift global market sentiment and risk appetite.
India’s stock markets will remain closed tomorrow, April 10, on account of Mahavir Jayanti, and the Gift Nifty’s performance will be a key early indicator of how domestic equities might open on Friday.
