Gems and jewellery stocks were in the limelight on Tuesday (February 3, 2026) after India and the U.S. agreed to a trade deal under which Washington will bring down the reciprocal tariff on Indian goods to 18% from the current 25%.
Shares of Goldiam skyrocketed 20%, Vaibhav Global zoomed 20%, Kalyan Jewellers India jumped 7.61 per cent, and Senco Gold edged higher by 7.41% on the BSE.
The stock of Shringar House of Mangalsutra jumped 6.61%, P.N. Gadgil Jewellers advanced 6.25%, P.C. Jeweller surged 5%, and Titan climbed 4.6%.
In the equity market, the BSE benchmark traded 2,390.71 points or 2.94% higher at 84,065.17, and the NSE Nifty quoted 707 points or 2.8% up at 25,794.30.
"The agreement reduces reciprocal U.S. tariffs on Indian goods from 25% to 18%, removing a major overhang that had weighed on export-oriented sectors, manufacturing, and overall market sentiment in recent months," R. Ponmudi, CEO of Enrich Money, an online trading and wealth tech firm, said.
India and the U.S. have agreed to a trade deal under which Washington will bring down the reciprocal tariff on Indian goods to 18% from the current 25%, U.S. President Donald Trump said on Monday (February 2, 2026) after a phone conversation with Prime Minister Narendra Modi.
The announcement assumes significance as several labour-intensive sectors like textiles, apparel, leather and marine were facing challenges to export goods to the U.S. due to the 50% tariffs.
