The United States has agreed to sharply reduce tariffs on Indian goods, marking a major reset in bilateral trade relations after months of tension. Following a phone conversation between US President Donald Trump and Prime Minister Narendra Modi, Washington will cut import duties on Indian products to 18% from the earlier 50%, US officials said.
A strong risk-on rally lifted multiple US industrial, power, and semiconductor stocks to new all-time highs, reflecting sustained optimism around AI infrastructure, electrification, and capex-led growth.
Key movers at record levels:
Sandisk Corporation jumped 15.44% on heavy volumes, clearly outperforming peers and signaling strong investor conviction.
Micron Technology advanced 5.52%, supported by expectations of sustained memory demand driven by AI servers and data centers.
GE Vernova rose 3.94%, reinforcing the structural theme of energy transition and grid modernisation.
Monolithic Power Systems gained 4.37%, continuing its leadership in power management solutions for high-performance computing.
Lumentum Holdings (+8.06%) and Coherent Corp (+4.84%) benefited from renewed momentum in optical and photonics demand.
Industrial names such as FedEx (+4.05%), Hubbell (+1.57%), and Ferguson Enterprises (+0.98%) also touched fresh highs, pointing to broad-based participation beyond pure technology.
Valuation-wise, investor appetite remains strong despite elevated multiples in select names, suggesting markets are pricing in multi-year earnings visibility rather than near-term cyclicality.
Overall, the breadth of stocks at record highs highlights continued leadership of infrastructure, energy, and semiconductor themes, even as investors stay selective.
Mr. Rajesh Rokde, Chairman, All India Gem and Jewellery Domestic Council (GJC)
"We extend our heartfelt congratulations to Hon'ble Prime Minister Shri Narendra Modi and Commerce Minister Shri Piyush Goyal for their visionary leadership in securing this landmark trade deal. The reduction in US tariffs marks a pivotal moment for India's gems and jewellery sector. It is not merely a financial adjustment, but a recognition of the unmatched artistry and craftsmanship that our industry brings to the world. By lowering barriers in one of the largest consumer markets, our exporters will gain a stronger foothold, while our artisans will see their creations reach new audiences. This strengthens our global competitiveness and instills confidence across the supply chain, from manufacturers to retailers. More than economics, it is a matter of pride—pride in our heritage, our resilience, and our ability to adapt to changing trade dynamics. With this opportunity, Indian jewellery will shine brighter than ever, not only as a product but as a cultural symbol of excellence."
Mr. Avinash Gupta, Vice Chairman, All India Gem and Jewellery Domestic Council (GJC)
"We congratulate Hon'ble Prime Minister Shri Narendra Modi and Commerce Minister Shri Piyush Goyal for their relentless efforts in achieving this breakthrough trade agreement. The slash in US tariffs is a landmark achievement that will directly benefit small and medium enterprises, which form the backbone of India's jewellery industry. While larger exporters have long had the scale to navigate international markets, SMEs often struggle with tariff barriers that limit their competitiveness. This reduction opens doors for thousands of smaller businesses to expand into the US market, translating into higher exports, stronger revenues, and most importantly, job creation at the grassroots level. Millions of livelihoods depend on this sector, and every incremental rise in exports strengthens communities across the country. Beyond economics, this deal empowers entrepreneurs, artisans, and family-run businesses to compete globally on fairer terms. It ensures inclusivity in growth and creates a multiplier impact across allied industries such as logistics and retail. This tariff cut is not just an economic win—it is a social one, fostering resilience and opportunity across the jewellery ecosystem."
