The BSE Sensex was trading 296 points, or 0.39%, higher at 76,435. The Nifty50 was up 84 points, or 0.37%, trading at 23,115 around 9:19 am.
PM Modi offered to discuss easing tariffs, increasing US oil and gas purchases, acquiring combat aircraft, and other concessions, Trump said on Thursday after meeting Modi at the White House, setting the stage for trade talks.
Trump is devising plans for reciprocal tariffs on every country taxing US imports, heightening the prospects of a global trade war.
India could be affected due to its tariff differentials with the US, several brokerages noted. However, Trump’s tariffs are not expected to take effect immediately.
From the Sensex pack, ICICI Bank, HCL Tech, Tech Mahindra, Tata Steel, Maruti Suzuki, and Infosys opened with gains, while Adani Ports, Sun Pharma, NTPC, and Zomato opened with cuts.Hindalco shares surged 2.2% in early trade after the company reported a 60% YoY growth in consolidated net profit for Q3FY25, rising to Rs 3,735 crore from Rs 2,331 crore in the same period last year.ITC Hotels shares fell 2% after British American Tobacco (BAT) has stated that it has no interest in becoming a long-term shareholder in a hotel chain in India. BAT currently holds a 15.3% stake in ITC Hotels as of December 2024 and plans to exit by 2026.
Global Markets
Asian stocks tracked Wall Street higher on Friday, while the dollar eased as investors contended with US President Donald Trump’s reciprocal tariffs that were not immediately imposed as well as US data allaying investor worries on inflation.
Hong Kong’s benchmark index rose 1.6%, taking its weekly gains to about 5%, its fifth straight week of gains and the strongest weekly performance in four months.
The MSCI’s broadest index of Asia-Pacific shares outside Japan up 0.54%, hovering near the two-month high it touched on Thursday. Japan’s Nikkei fell 0.55% but was on track to eke out gains for the week.
FII/DII Tracker
Foreign institutional investors (FIIs) extended their selling streak for the seventh consecutive day, offloading equities worth Rs 2,789.91 crore on February 13. In contrast, domestic institutional investors (DIIs) provided support by purchasing equities worth Rs 2,934 crore on the same day.
Crude Oil
Oil prices rose in early trade on Friday, set to snap a three-week losing streak, amid rising fuel demand and expectations that Trump’s plans for reciprocal global tariffs would not come into effect until April, giving more time to avoid a trade war.
Brent futures were up 19 cents at $75.25 a barrel by 0300 GMT, while U.S. West Texas Intermediate (WTI) crude rose 12 cents to $71.41. For the week, Brent was up 0.7% and WTI 0.5%.
Rupee vs Dollar
The rupee appreciated 8 paise to 86.85 against the US dollar in early trade on Friday as the American currency retreated from elevated level and domestic equity markets shows favourable trend.
The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, declined 0.21% to 107.08 level.
(With inputs from agencies)
