Nifty, Sensex open up after tariff relief, gold surge 2% and silver jump 6% amid volatility

Mumbai (Maharashtra) [India], February 23 (ANI): The domestic stock markets jumped on Monday at the opening bell after a US decision which struck down Trump tariffs gave relief to investors, boosting positive sentiment.
However, experts cautioned that volatility may continue amid ongoing uncertainty around tariffs and geopolitical developments.
The benchmark indices opened in positive territory, with the Nifty 50 index opening at 25,678.40, gaining 107.15 points or 0.42 per cent. The BSE Sensex opened at 82,906.83, rising by 92.12 points or 0.11 per cent.
Experts noted that while markets reacted positively to the tariff decision, concerns remain due to fresh tariff announcements and global uncertainties.
Ajay Bagga, Banking and Market Expert, told ANI, "Indian stock futures soared on Friday when the tariffs were struck down but post that the 10 per cent and then the 15 per cent global tariffs announcement means India is on par with close competitors in Asia. The Indian stock futures have given up some of their Friday evening gains this morning. With the monthly expiry looming tomorrow and markets in an overbought zone with no supportive catalyst, expect a volatile week as the world watches Iranian negotiations as the primary driver of market sentiments for now".
The tariff developments have remained a key factor influencing global markets. Trump had announced first 10 per cent and then hiked it to 15 per cent tariffs under Section 122, which allows 150 days of these tariffs.
Markets had witnessed a relief rally on Friday night when the US Supreme Court struck down the President's constitutional authority to levy tariffs.
In the commodity market, gold prices surged again by 2 per cent amid tariff uncertainty to Rs 159,908 per 10 gm for 24 karat gold. Silver prices also jumped 6 per cent to Rs 268,120 per kg, reflecting heightened investor demand for safe-haven assets.
On the sectoral front, most NSE indices opened in green, except Nifty IT. Nifty Metal surged 1 per cent, Nifty Auto rose by 0.46 per cent, and Nifty Pharma jumped 0.47 per cent. Nifty PSU Bank gained 0.61 per cent, Nifty Realty increased by 0.46 per cent, and Nifty Consumer Durables also rose by 0.58 per cent.
In geopolitical developments, tensions remain elevated due to the Iran situation. Bagga noted that Iran attack is a certainty in the next two to three weeks. If Iran agrees to the triple demands, it will become weakened and will be attacked by Israel in a few months. If it does not agree to, it fights now and causes massive damage to Israel and US bases, forcing a truce. Both are bad options. Maybe post Ramadan end, but could happen sooner.
The only face-saving way out is the US Congress. If it approves war with Iran, Trump can say I am withdrawing for Peace and de-escalate. If the US Congress can't pass the war resolution, Trump can withdraw, deferring to it. Those are the only face-saving options in the tight situation all sides have bound themselves into.
Other Asian markets also traded in positive territory. Singapore's Straits Times rose by 0.28 per cent, Hong Kong's Hang Seng index surged by 2.21 per cent, Taiwan's Weighted Index gained 1.41 per cent, and South Korea's KOSPI index rose by 0.31 per cent, while Japan's markets remained closed for a holiday. (ANI)