Kitex, Welspun Living Share Price Rise: Textile Stocks Rally After Trump Hints At India-US Trade Deal

Textile stocks like Kitex, Welspun Living and KPR Mills gained notably during early trade on Thursday. This comes after the US President Donald Trump on Wednesday said he had spoken with Prime Minister Narendra Modi about trade, signalling renewed momentum in talks between the two countries.

Kitex Garments lead the gains in the pack with nearly 11% gains, followed by Welspun Living which rose nearly 5%.

"Just spoke to Modi today on trade. We're working on some great deal with India," Trump said, adding that "India is doing very well." The remarks come amid reports that the two nations are closing in on a bilateral trade agreement that could sharply reduce tariffs on Indian exports and expand cooperation in energy and agriculture.

Trump also said Modi "won't be buying too much oil from Russia," suggesting that India is likely to scale back its Russian crude imports as part of the broader understanding being worked out.

According to an Indian government official, both sides have narrowed their differences and are making "solid progress" toward a trade deal aimed at lowering punitive tariffs. Indian negotiators reportedly had positive meetings in Washington last week.

The most gains were garnered by Kitex Garments. The scrip was trading 11.9% higher at Rs 209.6 apiece. Arvind was following with 8.24% gains at Rs 331.05 apiece on the NSE.

Welspun Living was also trading with gains of 6.20% at Rs 130.06 apiece. KPR Mills were also trading higher at Rs 1,072.4 apiece with 4.61% gains.

The counters that were trading in green was Alok Industries, Garware Technology, and Siyaram. India's benchmark indices the NSE Nifty 50 and BSE Sensex surprised the street with its gap-up open when most Asian markets were trading in losses on Thursday. T

he Nifty 50 reclaimed 26,000 level for first time since Sept 30, 2024, and the Sensex reclaimed 85,000 since September 2024.