Market surges 2% as US suspends additional tariffs; gold skyrockets

Benchmark Sensex surged by 1,310 points while Nifty closed above 22,900 level on Friday on gains in banking, oil and metal shares as investors rejoiced the 90-day suspension of additional import duties by the US.

Defying a bearish trend in world markets, the 30-share BSE benchmark Sensex jumped 1,310.11 points or 1.77 per cent to settle at 75,157.26. During the day, it soared 1,620.18 points or 2.19 per cent to 75,467.33.

The NSE Nifty surged 429.40 points or 1.92 per cent to 22,828.55. In intra-day trade, the benchmark rallied 524.75 points or 2.34 per cent to 22,923.90.

The US announced suspension of additional tariffs on India for 90 days until July 9 this year, according to the White House executive orders. On April 2, US President Donald Trump slapped universal duties on about 60 countries exporting goods to America and additional steep levies on countries like India, potentially impacting sales of products from shrimp to steel in the world’s biggest economy.

Tata Steel was the lead gainer among Sensex shares, rising by 4.91 per cent after the company announced a transformation plan, including job cuts, for its Netherlands steel plant to improve efficiency and margins.

Gold prices surged by Rs 6,250 to hit a record high of Rs 96,450 per 10 g in the national capital on Friday due to heavy demand from local jewellers and retailers, according to the All India Sarafa Association.

Analysts said the precious metal hitting lifetime high levels in the international markets on strong safe-haven demand amid escalating US-China trade tensions boosted the domestic prices.

Rebounding after four days of sharp fall, gold of 99.5 per cent purity surged by Rs 6,250 to touch an all-time high of Rs 96,000 per 10 g against the previous close of Rs 89,750.

Silver also registered a steep rise of Rs 2,300 to Rs 95,500 per kg, largely in tandem with global trends.

Business