The whirlwind of tariff developments gathered speed on Thursday as President Donald Trump told business leaders in Qatar that India had offered to drop all levies on U.S. imports. “They’ve offered us a deal where basically they’re willing to literally charge us no tariffs,

President Donald Trump said on Thursday that India has offered to eliminate tariffs on the United States as part of a potential trade deal. If that comes to pass, it could represent a significant breakthrough with an increasingly important US trading partner.

The indexes, which had been swinging between gains and losses, rose sharply after Trump's remarks, with the Nifty 50 closing the day 1.6% higher at 25,062.10 and the BSE Sensex gaining 1.48% to 82,530.