Textile and Leather Sectors Surge Amid New US-India Trade Deal
Textile and leather stocks surged by as much as 20% after the US and India negotiated a trade deal lowering US tariffs on Indian goods from 25% to 18%. This agreement is expected to boost export-oriented sectors like textiles, apparel, and leather, positively affecting market sentiment.
- Country:
- India
Shares in textile and leather sectors soared by up to 20% on Tuesday, following the announcement of a new trade deal between the United States and India. The deal will see US tariffs on Indian goods reduced from 25% to 18%, prompting a rally in the stock market.
Major gains were observed, with K P R Mill and Garware Technical Fibres each surging 20%. The 30-share BSE Sensex leapt 1,928.91 points to 83,595.37, while the NSE Nifty increased by 587.60 points to 25,760, reflecting the positive market response.
The agreement is significant for several manufacturing and labor-intensive sectors that struggled under high tariffs, allowing exports to flourish. Industry experts see this as a vital move to bolster trade relations and boost India's export figures.
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