INDIA STOCKS-Indian shares advance after US Supreme Court rejects Trump tariffs
By Bharath Rajeswaran
Feb 23 (Reuters) - Indian shares rose on Monday, in a broad-based rally, after the U.S. Supreme Court struck down import levies imposed by President Donald Trump.
The Nifty 50 .NSEI gained 0.64% to 25,733, and the BSE Sensex .BSESN added 0.62% to 83,333.08, as of 9:41 a.m. IST.
Fifteen of the 16 major sectors logged gains. The broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 rose 0.8% and 0.1%, respectively.
The U.S. Supreme Court on Friday struck down Trump's sweeping tariffs, which he had pursued under a law intended for use in national emergencies, in a ruling with significant implications for global trade and economy.
On Saturday, Trump said that he will raise a temporary tariff on U.S. imports from all countries from 10% to 15%, the maximum allowed under the law.
Given the court ruling and the uncertainty over tariffs following the judgment, India has delayed plans to send a trade delegation to Washington this week, Reuters reported, citing a source in the trade ministry.
"The development is a significant positive for export-oriented sectors, as the effective tariff burden eases," said Sudeep Shah, head of technical and derivatives research at SBI Securities.
Textile stocks such as Trident TRIE.NS, Welspun Living WLSP.NS, Arvind ARVN.NS and Kitex Garments KITE.NS gained 2.5%-8%.
"That said, the situation remains fluid. Any fresh statements or alternative tariff actions under different presidential authorities could reintroduce volatility in the near-term," Shah said.
Bucking the broader trend, IDFC First Bank IDFB.NS tumbled 15% after the lender said it was investigating a suspected fraud of $65 million by some employees involving accounts of local government entities.
AU Small Finance Bank AUFI.NS fell 6.6% after Haryana government de-empanelled the bank for government business following the recent disclosure of unauthorised and suspected fraudulent activities.
Drug maker Cipla CIPL.NS lost 2% after the U.S.' drug regulator classified a unit of Cipla's supply partner, Pharmathen Internation, as "official action indication" following an inspection in Greece.
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