Indian stock markets approve Donald Trump's 'happy birthday' call to PM Modi
&imwidth=600&imheight=450&format=webp&quality=medium "Indian stock markets approve Donald Trump's 'happy birthday' call to PM Modi")
The Bombay Stock Exchange Photograph: (File)
Weeks after imposing tariffs on India for buying Russian oil and weapons, Donald Trump called Prime Minister Narendra Modi and wished him a happy birthday. PM Modi also thanked Trump for his gesture. The markets took the exchange on a positive note.
The Indian stock markets openedon a positive note on Wednesday due to easing of geopolitical tensions and optimism around a possible US Federal Reserve rate cut. US President Donald Trump called Prime Minister Narendra Modi to wish him on his birthday, providing comfort to investors who were worried about the US tariffs on Indian exports. The call signals a thaw in the fraught US-India relationship.
The Nifty 50 index started the day at 25,276.60, gaining 37.50 points or 0.15 per cent, while the BSE Sensex opened at 82,498.97, up 118.28 points or 0.14 per cent.
What Trump said
Donald Trump said on Truth Social that he called his friend, Prime Minister Narendra Modi, and wished him a happy birthday. Days after accusing India of supporting Moscow's war against Ukraine, he thanked Modi for "your support in ending the war between Russia and Ukraine".
PM Modi also thanked President Trump for his call and reiterated his commitmentto taking the India-US Comprehensive and Global Partnership to new heights. "We support your initiatives towards a peaceful resolution of the Ukraine conflict," he added.
Market experts said that the market is responding with optimism to the changing US-India bilateral equation.
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What the experts said
A US trade team is currently in India to negotiate a trade deal, supporting investor sentiment.
Ajay Bagga, Banking and Market Expert, told ANI: “Indian market futures are positive this morning, unlike the US and Asian markets, which are in wait-and-watch mode. Any US de-escalation of tariff rhetoric will be a sentiment booster for the Indian markets. The Fed rate cut tonight will be positive for EM flows on the back of a softer US dollar outlook.”
How Asian markets behaved
Asian markets, however, opened higher but with caution. Japan's Nikkei 225 was marginally higher by 0.12 per cent, while Hong Kong's Hang Seng Index surged 1.48 per cent. In contrast, Singapore's Straits Times fell 0.3 per cent, Taiwan's Weighted Index slipped 0.42 per cent, and South Korea's KOSPI declined 0.98 per cent.