New Delhi, Sept. 11 -- According to media reports, the European Union (EU) has rejected US President Donald Trump's proposal to impose a 100% tariff on India as punishment for buying Russian oil.

Experts see it as a major diplomatic win for India and expect the Indian stock market to react positively to the development in the near term. The stock market benchmark Nifty 50 closed above the 25,000 mark on Thursday, September 11, clocking a modest gain of 32 points, or 0.13 per cent.

Trump, according to reports, had pressed the EU to impose Chinese and Indian goods with hefty tariffs of 100 per cent to increase pressure on Russia to end its war in Ukraine.

This was in sharp contrast to his Tuesday updates that trade negotiations between I...