Indian stock market surges as US tariff relief and RBI policy boost ignite April 11 rally

India’s stock markets witnessed a broad-based rally on April 11, 2025, driven by positive geopolitical and macroeconomic developments. The BSE Sensex surged over 1,500 points, while the NSE Nifty 50 approached the 22,850 mark in a session marked by strong foreign inflows, easing inflation outlook, and hopes of revived exports. Key triggers included a temporary suspension of US tariffs on Indian goods and the Reserve Bank of India’s recent rate cut aimed at boosting domestic growth.

This combination of external relief and internal stimulus sparked widespread buying across sectors, with multiple stocks posting double-digit percentage gains.

What triggered the stock market rally on April 11, 2025?

One of the primary drivers was the announcement by the United States government to temporarily suspend a proposed 26% tariff on Indian exports for 90 days. This move was widely seen as a de-escalation in trade tensions and gave Indian exporters—especially in manufacturing, chemicals, and textiles—breathing space and potential room to negotiate more favourable trade terms. Investors interpreted the suspension as a geopolitical signal that could support India’s export-driven sectors in the short to medium term.

Concurrently, the Reserve Bank of India delivered a 25 basis-point cut in the repo rate, bringing it to 6%. With inflation projections trimmed to 4% and GDP forecast raised to 6.5% for FY26, the RBI’s dovish stance reinforced market expectations of increased credit availability and improved liquidity. This twin impact of monetary policy and trade diplomacy catalysed a powerful surge in equities, propelling both benchmark indices and midcap stocks higher.

Which Indian stocks were the top gainers on April 11?

Leading the top 20 gainer list was Goldiam International Ltd., which jumped nearly 20% to close at ₹326.90. The surge came after a sharp increase in trading volumes, supported by optimism around jewellery exports benefiting from tariff reprieve. Close on its heels was Binani Industries Ltd., gaining 19.96% to ₹17.37. Investors were seen accumulating this counter in anticipation of operational recovery and better export potential in industrial raw materials.

Camlin Fine Sciences Ltd., a key player in antioxidant manufacturing, climbed 18.24% to ₹157.77. The company is expected to benefit from improved margins on global exports and easing input costs. Uma Exports Ltd., primarily active in agri-commodities, surged 15.56% to ₹93.74, reflecting renewed confidence in food exports amidst global supply concerns.

North Arc Capital Ltd., operating in the financial services sector, rose 14.93% to ₹194.67. The stock rallied amid expectations of easier credit conditions following the RBI’s policy action.

Other notable double-digit gainers included:

RACL Geartech Ltd., up 11.93% to ₹823.00, as auto component stocks rebounded with strong delivery pipeline forecasts. Gravita India Ltd. advanced 11.86% to ₹1,782.05, on improved outlook in battery recycling and lead exports.

Steelcast Ltd. gained 11.73% to ₹856.55, buoyed by stronger demand for castings in export markets. Sharda Cropchem Ltd., a player in agrochemicals, rallied 11.36% to ₹507.85, riding on optimism around monsoon-linked consumption and foreign market expansion.

Sarda Energy & Minerals Ltd. closed at ₹464.50, marking a 10.97% rise, supported by favourable pricing trends in steel exports. CarTrade Tech Ltd. surged 10.91% to ₹1,537.20 as investor interest returned to the digital mobility space.

What does the broad-based participation tell us?

The rally was not limited to large caps or specific sectors. MITCON Consultancy & Engineering Services Ltd. rose 10.10% to ₹73.55, reflecting positive sentiment in consultancy and ESG-linked infrastructure planning. Pokarna Ltd., focused on granite exports, surged 10% to ₹830.30 amid expectations of revival in construction-linked exports.

GRW High-Tech Ltd., which makes specialized industrial components, closed 10% higher at ₹2,649.75. Pearl Global Industries Ltd. gained 10% to ₹1,010.80 as textile stocks outperformed following the tariff relief. NK Industries Ltd. rose 9.99% to ₹76.84, while Curaa Healthcare Ltd., a small-cap medical service provider, climbed 9.99% to ₹48.32.

Infrastructure and energy-linked counters such as Kridhan Infra Ltd. (+9.98% to ₹4.41), GTL Ltd. (+9.96% to ₹8.83), and Inox Green Energy Services Ltd. (+9.79% to ₹115.01) rounded off the list of top 20 gainers, all reflecting renewed risk appetite across sectors with exposure to exports, clean energy, and infra development.

What macro factors contributed to the rally?

The equity rally was underpinned by a confluence of supportive macro trends. The RBI’s dovish monetary policy has signalled to markets that the central bank is prepared to use its policy tools to preserve momentum amid global headwinds. Easing inflation and steady improvement in domestic consumption metrics also played a key role.

Externally, the pause in the US tariff regime de-risked India’s trade exposure and allowed equities with large overseas market dependencies to regain lost ground. Furthermore, the weakening US dollar and expectations of a peak in global interest rate cycles added to the momentum for emerging market inflows.

What is the investor outlook after the surge?

Market participants remain cautiously optimistic. While April 11’s rally marks a positive inflection point, experts are watching for how long the tariff suspension will hold. There is also a wait-and-watch approach regarding global commodity price trends, especially in oil and metals, which directly affect India’s import bill and inflation trajectory.

Institutional investors are expected to rotate capital into sectors aligned with domestic growth—particularly those supported by PLI schemes, energy transition plans, and public infrastructure spending. However, near-term volatility cannot be ruled out given geopolitical uncertainties, US elections, and evolving monetary policy positions in developed markets.

For retail investors, analysts suggest a disciplined approach that includes allocation to quality midcaps and diversified sector exposure. The performance of export-oriented firms will be critical in Q1 FY26 earnings, especially if global conditions remain supportive.