By Kavita Mistry 
While global equity markets have plunged following US President Donald Trump’s April 2 tariff announcement, India has bucked the trend. The Sensex and Nifty have risen 2.5% and 2.2%, respectively, in local currency terms—over 2% in USD terms—making India the only major market to post gains during this volatile period, according to Bloomberg data.
Nifty Posts Best Five-Day Performance Among Global Markets
India’s benchmark Nifty index surged over 4% this week alone, and nearly 6.5% in the last five sessions, outperforming major indices:
- Shanghai Composite: +2%
- Nikkei (Japan): +1.3%
- S&P 500: -1.4%
Out of 16 key global markets tracked, India is the only one to move beyond its pre-April 2 levels, demonstrating remarkable resilience.
Global Markets in Red: Tariffs Take Toll
Global equities have taken a beating since the tariff hike:
- S&P 500: -7%
- Dow Jones: -6%
- France’s CAC: -7.5%
- Germany’s DAX: -5.4%
- FTSE 100: -3.9%
In Asia:
- Hang Seng: -7.8%
- Taiwan: -8.4%
- China’s CSI 300: -3.9%
- Nikkei: -3.8%
- South Korea’s Kospi: -1.4%
India stands out as the lone bright spot amid a sea of red.
Trade Optimism and Domestic Resilience Power India’s Gains
Market sentiment in India is being boosted by:
- Anticipation of a US-India trade agreement
- India’s non-confrontational approach to tariffs
- Tariff cuts on US imports (e.g., bourbon, motorcycles, telecom gear)
- Falling crude oil prices, easing inflation and trade deficit
- Strong corporate earnings expectations for Q1
Consumption-Led Growth Shields India from Global Shocks
India’s domestic consumption-driven economy is providing a cushion against global trade tensions.
According to Hiren Ved of Alchemy Capital, India’s diplomatic strategy and trade-friendly gestures position it as a likely early partner in a US trade deal, further strengthening investor confidence in the country’s economic prospects.