Shares of textile and shrimp stocks surged on October 29, following remarks by US President Donald Trump, who hinted at a potential trade deal with India. During the APEC CEO Summit in South Korea, Trump expressed his respect for Indian Prime Minister Narendra Modi and stated his intent to "do a trade deal with India." This announcement has significantly boosted investor sentiment, as a trade agreement could lead to a reduction in tariffs on Indian exports to the US, providing a much-needed lift to export-oriented sectors.

The rally in shrimp and textile stocks comes in the wake of previous declines due to increased tariffs imposed by the Trump administration, which rose to 50 percent on Indian imports amid tensions related to India's purchase of Russian oil. The renewed optimism surrounding a possible trade deal has reignited interest in these sectors, as many companies in these industries derive substantial revenue from the American market. Notably, shares of Apex Frozen Foods climbed over 4 percent, while Coastal Corporation and Avanti Feeds also showed positive movement, recovering from earlier losses.

In the textile sector, companies like Gokaldas Exports and Pearl Global Industries saw their shares jump approximately 4 percent, while Raymond Lifestyle shares also increased by over 2 percent. KPR Mill managed to recover from its earlier drop and traded nearly flat. The overall positive sentiment around the potential trade deal has led to a broad-based rally in these sectors, highlighting the interconnectedness of global trade and market performance. As investors closely monitor developments in US-India relations, the focus remains on how these trade dynamics will evolve in the coming weeks.