By Shishir Prashant 
PrashantNews
Despite suspense on the purchase of the Russian oil, the Indian stock market on Tuesday gave a big thumbs up to the Indo-US trade deal with the BSE Sensex surging 2072.67 points (2.54%) to reach 83,739.13 in the first big rally of 2026.
President Donald Trump on Monday said the United States has reached a trade agreement with India that will sharply cut American tariffs on Indian exports to 18 percent from 50 percent, in return for New Delhi stopping purchases of Russian oil and easing trade restrictions. Trump announced the deal on social media after speaking with Indian Prime Minister Narendra Modi. Trump said India would begin buying oil from the US and may also source supplies from Venezuela.
However, the main opposition Congress slammed the Modi government with its leader Rahul Gandhi on Tuesday claiming that Prime Minister Narendra Modi has been “compromised” on the trade deal.
Interestingly, Kremlin spokesman Dmitry Peskov reacting to Trump’s statement said Russia has not heard any statements from India about stopping Russian oil purchases.
While India has confirmed the trade deal with the US, it has not issued any public statement on ending purchases of Russian crude.
The sharp move owing to one of the strongest single-day rallies in recent years, also led to a massive rise in investor wealth. The combined market capitalisation of BSE-listed companies increased to ₹467.35 lakh crore from ₹455 lakh crore in the previous session, translating into a gain of more than ₹12.5 lakh crore in a single day as participation broadened across sectors.