Market Opening Bell: Indices rally on tariff halt; NIFTY50 soars over 2%, SENSEX trades above 75,000; Cipla top gainer

The equity benchmark indices on Friday, April 11, began the session 1.5% higher as the US halted additional tariffs of 26% on India for 90 days, until July 6.

The market sentiment also got a boost after the US suspended tariff imposition for 90 days on all the countries.

At 9:46 AM, the S&P BSE SENSEX zoomed 1,375.22 points, or 1.86%, at the 75,222.37 level, while NSE’s NIFTY50 was at the 22,856.20 level, soaring 457.05 points, or 2.04%.

Halt in the tariffs led to the rally in the auto, metal and pharma sectors as well.

The market breadth was largely in favour of bulls, as 2,313 stocks advanced on the NSE out of 2,110 stocks traded during the opening session.

The broader market also extended gains as both midcap and smallcap indices surged nearly 1.5% during the early session.

Cipla, Sun Pharma, Tata Motors, Tata Steel and JSW Steel were the biggest contributing stocks on the NIFTY50 index, soaring as much as 4.47%.

In the early trades, rupee rose 50 paise to 86.18 against the US dollar on Friday.

According to exchange data, the foreign institutional investors (FIIs) offloaded equities worth ₹4,358.02 crore on a net basis on Wednesday.

The Indian stock market was closed on Thursday on occassion of Mahavir Jayanti.

Globally, the US markets tumbled after the White House clarified that Chinese goods would face 145% tariffs, including the previous ones. All the US indices closed in red following this.

The Dow Jones Industrial Average closed 1,014 points, or 2.5%, lower at the 39,593.66 level; the Nasdaq Composite is settled 4.31% at 16,387.31. The S&P 500 ended 3.46% down at 5,268.05, a day after surging a historic 9.5%.

Tracking this, Asian markets also declined. Japan's Nikkei 225 fell 4.22%, while Hong Kong's Hang Seng Index was trading 0.34% lower, and South Korea's KOSPI slipped 0.99% on Friday morning.

As many as 2,421 stocks traded on the NSE during the early session, among which 2,202 stocks were trading in the green, only 178 in the red and 41 shares remained unchanged.

This indicated that the market breadth was in favour of positive.

Meanwhile, only 24 stocks hit their one-year highs in the early trade, while only 8 stocks touched their 52-week lows.

Further, 60 stocks hit their lower circuits while 7 hit their upper circuits.

India VIX, the volatility gauge, was trading 6.69% lower at 20 levels.

The broader market soared high in the morning. Nifty Midcap 100 index was trading 1.53% higher at 50,343.80 level while Nifty Smallcap 100 was at 15,549.65, gaining 1.92%.

The stock descended 0.48% to ₹3,231.15 apiece on the National Stock Exchange (NSE) at 9:20 am. Its market capitalisation stands at ₹11,69,058.35 crore.

At 9:40 AM, Cipla was trading at ₹1,462.10 per share, jumping 3.28% on NSE. It was the top contributor on NIFTY50 index.