The shares of these export-oriented firms had earlier taken a heavy beating after the US raised tariffs on Indian imports to as high as 50%, citing New Delhi’s continued purchases of Russian oil. Trump’s latest remarks, however, lifted sentiment on hopes that the two countries may finally conclude a long-awaited tariff deal.

Prime Minister Modi echoed Trump’s optimism, saying the negotiations could unlock “the limitless potential” of the India-US partnership and secure a “brighter, more prosperous future” for both nations.