A man looks at a screen outside the Bombay Stock Exchange (BSE) building in Mumbai, India, February 2, 2026. REUTERS
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 gained 0.64% to 25,733, and the BSE Sensex 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 and mid-caps 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 Welspun Living Arvind and Kitex Garments 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 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 fell 6.6% after Haryana government de-empanelled, opens new tab the bank for government business following the recent disclosure of unauthorised and suspected fraudulent activities.
Drug maker Cipla 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.
Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sumana Nandy, Mrigank Dhaniwala and Ronojoy Mazumdar
