Indian mkts set for another 'gap up' opening today

Domestic markets are set for a "gap up" opening for a second consecutive trading session on Tuesday, underpinned by strong gains in global equities.

- SUNDAR SETHURAMAN

The technology giants hit hardest in this year's selloff were leading the rest of the stock market higher on Monday, after temporary reciprocal tariff exemptions were made for phones, computers and popular consumer electronics.

The S&P 500 Index climbed 1.5 per cent as of 9.33 am in New York, while the technology-heavy Nasdaq 100 Index jumped 1.9 per cent. Shares of Apple Inc soared as much as 7.5 per cent, with Magnificent Seven peers Nvidia Corp and Amazon Inc also rising.

US President Donald Trump downplayed the weekend exemption, saying he will still apply tariffs to a range of high-tech gadgets, as part of his overall push to remake US trade.

The US Customs and Border Protection announced a tariff exclusion for some electronics on Friday, only for US Commerce Secretary Howard Lutnick and the president on Sunday to follow up by saying the reprieve was temporary and a procedural step in the plan to apply a different, specific levy to the sector.