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Sensex and Nifty jump nearly 2% as US suspends additional 26% tariffs on India until July 9

Foreign Institutional Investors (FIIs) had sold equities worth ₹4,358.02 crore on Wednesday, signaling caution, but Friday’s momentum suggested a shift in sentiment.

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Indian stock markets staged a robust rally on Friday, with the BSE Sensex skyrocketing 1,310.11 points, a 1.77% gain, to close at 75,157.26. The NSE Nifty followed suit, climbing 429.40 points or 1.92% to settle at 22,828.55, breaching the 22,900 mark during intra-day trading. The surge came on the heels of a White House announcement suspending additional tariffs on India for 90 days until July 9, offering a reprieve amid global trade tensions.

The US decision, detailed in recent executive orders, pauses levies that President Donald Trump had imposed on April 2, targeting India and roughly 60 other nations. Those duties threatened Indian exports ranging from steel to shrimp, raising concerns about competitiveness in the US, the world’s largest economy. The temporary suspension sparked optimism among Indian investors, propelling gains across major sectors.

Leading the charge among Sensex constituents were heavyweights like Tata Steel, Reliance Industries, Power Grid, NTPC, Kotak Mahindra Bank, and Adani Ports. However, not all stocks joined the rally—Asian Paints and Tata Consultancy Services lagged behind, unable to capitalize on the upbeat mood.

Vinod Nair, Head of Research at Geojit Investments Limited, attributed the market’s buoyancy to the tariff relief. “The unexpected pause on US tariffs provided a much-needed breather amid global uncertainties,” Nair noted. He added that while a major IT firm’s recent results fell short of expectations, its robust order book signaled potential growth in the latter half of FY26.

The Indian markets’ performance stood in stark contrast to global trends, where fears of a US-China tariff war cast a shadow. On Friday, China escalated its trade spat with the US, hiking tariffs on American imports to 125% in response to Washington’s 145% levies on Chinese goods.

Asian markets reflected the unease, with Tokyo’s Nikkei 225 plunging nearly 3% and South Korea’s Kospi slipping, though Shanghai’s SSE Composite and Hong Kong’s Hang Seng bucked the trend with gains. European markets traded lower, while US indices had closed sharply down on Thursday, with the Nasdaq tumbling 4.31%, the S&P 500 falling 3.46%, and the Dow Jones shedding 2.50%.

Back home, the rally followed a lackluster Wednesday, when the Sensex dipped 379.93 points to 73,847.15 and the Nifty fell 136.70 points to 22,399.15. Thursday’s market holiday for Shri Mahavir Jayanti gave investors a pause before Friday’s surge. Foreign Institutional Investors (FIIs) had sold equities worth ₹4,358.02 crore on Wednesday, signaling caution, but Friday’s momentum suggested a shift in sentiment.

Elsewhere, global oil prices edged up, with Brent crude rising 0.32% to $63.53 a barrel, reflecting ongoing volatility in commodity markets.

India News

Mamata Banerjee warns BJP, EC over Bengal polls, says they will be accountable

Mamata Banerjee holds BJP and Election Commission responsible for any incidents during Bengal polls, raising concerns over officer transfers.

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West Bengal Chief Minister Mamata Banerjee has held the Bharatiya Janata Party (BJP) and the Election Commission of India responsible for any untoward incidents in the state during the upcoming assembly elections, following the transfer of key officials.

Addressing concerns over administrative reshuffles, Banerjee said that changes involving senior bureaucrats, including the chief secretary and home secretary, could affect governance and law and order in the state during a crucial period.

The Trinamool Congress chief also announced candidates for 291 constituencies for the elections scheduled to be held in two phases on April 23 and 29.

Criticising the Election Commission, Banerjee alleged that the transfers were being carried out in a manner that benefits the BJP. She questioned the timing of the decisions and said such actions weaken the state administration at a sensitive time.

She further raised concerns about disaster management and essential services, stating that experienced officials familiar with the state’s situation have been replaced. According to her, this could impact administrative efficiency if any emergency arises before the new government is formed.

Protecting Bengal’s identity

Banerjee emphasised that the election is not merely about forming a government but about safeguarding Bengal’s identity and existence. She accused the BJP of misusing central agencies and attempting to influence the electoral process.

She urged that elections should be conducted peacefully, without external interference, and in line with democratic principles. The chief minister also expressed confidence that her party would return to power with a stronger mandate.

Appealing to voters, she called for support for the Trinamool Congress, asserting that the people of Bengal will ultimately decide the outcome and protect their democratic rights.

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Centre assures action on LPG supply disruption, court closes distributors’ plea

The Bombay High Court closed a plea by LPG distributors after the Centre assured diplomatic efforts to stabilise supply amid global disruptions.

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LPG cylinder

The Union government on Tuesday informed the Bombay High Court that it is taking diplomatic steps to address disruptions in Liquefied Petroleum Gas (LPG) supply linked to the ongoing Iran-Israel conflict, following which the court disposed of a petition filed by LPG distributors.

Appearing before the Nagpur bench, Solicitor General Tushar Mehta said the Centre was actively engaged in international-level negotiations to stabilise LPG supply. However, he noted that specific measures could not be disclosed due to their sensitive nature.

The matter was heard by a division bench comprising Justices Anil S Kilor and Raj D Wakode. The bench accepted the government’s assurances and closed the plea.

Distributors flagged supply disruption in Vidarbha

The petition was filed by six LPG distributors, including Omkar Sales, who raised concerns over disruptions in supply chains across Maharashtra’s Vidarbha region. They claimed the situation had led to a significant shortage of LPG for domestic consumers.

The distributors, dependent on Confidence Petroleum India Ltd (CPIL), alleged that despite directives prioritising domestic consumption, LPG was being diverted for export to capitalise on high international prices.

Government cites policy compliance, CPIL denies diversion

The petitioners referred to recent orders issued under the Essential Commodities Act and the Natural Gas (Supply Regulation) Order, 2026, which mandate prioritising household LPG supply during crises.

However, CPIL rejected the allegations, stating it was fulfilling pre-existing export commitments and had not violated any policy norms.

Court had earlier termed issue ‘serious’

During earlier hearings, the court had described the matter as “serious” and of “grave importance”, issuing notices to the Centre and the Ministry of Petroleum and Natural Gas.

On Tuesday, the Centre reiterated that macro-level supply challenges arising from global geopolitical tensions were being handled through diplomatic channels. It also said that any localised supply issues could be resolved by state authorities.

Taking note of these submissions, the bench disposed of the petition.

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Om Birla likely to move motion to revoke suspension of 8 opposition MPs today

The Lok Sabha is likely to revoke the suspension of eight opposition MPs today, with a motion expected to be moved by the government following consensus on maintaining discipline.

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Om Birla

The suspension of eight opposition Members of Parliament in the Lok Sabha is expected to be revoked on Tuesday, with Speaker Om Birla likely to initiate the process, according to sources.

The MPs, including seven from the Congress and one from the CPI(M), were suspended on February 3 for unruly conduct during the first phase of the Budget session after a resolution was adopted by the House.

Motion to be moved in Lok Sabha

Congress leader K Suresh said that Parliamentary Affairs Minister Kiren Rijiju is expected to move a motion around noon seeking revocation of the suspensions.

Although the suspension was initially imposed for the entire session, scheduled to conclude on April 2, opposition parties have consistently demanded reconsideration since the second phase of the session began on March 9.

Agreement on maintaining decorum

At a recent meeting convened by the Speaker, both ruling and opposition sides reportedly agreed on maintaining discipline in the House.

Key understandings include:

  • No member will enter the well of the House to protest
  • Papers will not be torn or thrown toward the Chair
  • MPs will not climb onto officials’ tables

The Lok Sabha Secretariat has also reminded members to keep areas within the Parliament premises obstruction-free to ensure smooth movement.

Speaker raises concern over conduct

Earlier, Om Birla had expressed concern over the use of banners, placards, and inappropriate language by some MPs. In a letter to party leaders, he stressed the need to uphold the dignity and traditions of parliamentary democracy.

He had also indicated that actions like suspension are taken in cases of serious misconduct, such as climbing onto tables during proceedings.

Suspended MPs

The suspended MPs include Gurjeet Singh Aujla, Hibi Eden, C Kiran Kumar Reddy, Amarinder Singh Raja Warring, Manickam Tagore, Prashant Padole, Dean Kuriakose (Congress), and S Venkatesan (CPI-M).

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