India, Feb. 20 -- GIFT Nifty surged nearly 400 points from an intraday low on Friday, after the US Supreme Court outlawed US President Donald Trump's global tariffs-a move that gives New Delhi a bargaining chip in negotiating the India-US trade deal.

The narrative of India's stock market over the last year has been a volatile tug-of-war between protectionist "tariff shocks" and the relief of a long-awaited trade deal. While the market was severely battered throughout 2025, the recent breakthrough on February 2, 2026, has sparked a massive recovery.

During the height of the trade tensions in late 2025, the Sensex and Nifty corrected by nearly 3% in a single month, with FIIs (Foreign Institutional Investors) pulling out over $22 billion i...