Indian stocks record best day in nine months following landmark trade deal with United States
Indian markets posted their best session in nine months today as a historic trade deal with the US cut tariffs. Reliance and top banks led the broad rally.
Insights:
U.S. President Donald Trump donald trump announced a trade deal today, February 3, 2026, that reduces U.S. 
US tariffs on Indian 
IN goods to 18% from 50%. In exchange for the tariff reduction, India IN has agreed to halt its purchases of oil from Russia 
RU and lower existing trade barriers. The announcement triggered a broad rally in Indian IN equities and strengthened the rupee, which recorded its best day in seven years. This development resulted in the largest single-session rise in major Indian IN indices, including the Nifty 50 index and the BSE Sensex index, since May 2025.
US tariffs on Indian IN goods to 18% from 50%. In exchange for the tariff reduction, India IN has agreed to halt its purchases of oil from Russia RU and lower existing trade barriers. The announcement triggered a broad rally in Indian IN equities and strengthened the rupee, which recorded its best day in seven years. This development resulted in the largest single-session rise in major Indian IN indices, including the Nifty 50 index and the BSE Sensex index, since May 2025.
