Trump imposed 25% tariff on India, Indian markets brace for gap down opening
US President Donald Trump's decision to impose a 25% tariff on India and additional penalties for trade with Russia is set to trigger a selloff in the domestic market. The Indian government has said it will continue its negotiations with Washington and not retaliate with tariffs. Meanwhile, US and European index futures were mixed during trading in Asia. S&P 500 futures down 0.1% in the morning.
The GIFT Nifty is trading 175 points lower, or 0.75%, at 24,679 in the morning, indicating a significant fall for the benchmark Nifty at open later in the morning. Foreign portfolio investors stayed net sellers of Indian shares for the eighth consecutive session as they sold stocks worth Rs 850 crore, according to provisional data from the National Stock Exchange. The domestic institutional investors, who stayed buyers for the 18th straight session, acquired stocks worth Rs 1,829 crore.
Fundamental Update
- Mahindra & Mahindra Q1FY26 (YoY) Revenue up 25.8% to Rs 34,142.96crore versus Rs 27,132.76 crore. Net Profit up 32% to Rs 3,449.84 crore versus Rs 2,612.63 crore. Positive
- Tata Steel Q1FY26 (QoQ) Revenue down 5.4% to Rs 53,178.12 crore versus Rs 56,218.11 crore. Ebitda up 13% to Rs 7,427.54 crore versus Rs 6,559.22 crore. Positive
- CAMS Q1FY26 (QoQ) Revenue down 0.57% at Rs 354 crore versus Rs 356 crore. Ebitda down 3.14% at Rs 154 crore versus Rs 159 crore. Negative
- IndiGo Q1FY26 (YoY) Revenue up 4.72% to Rs 20,496.3 crore versus Rs 19,571 crore. Net Profit down 20.18% to Rs 2,176.3 crore versus Rs 2,727 crore. Negative
Technical Update
- NIFTY – Nifty continued recovery above 24,800 and settle at 24,855 on Wednesday. Index attempted to breach 24,900 but failed to do so. Support is at 24,600 while 24,900 is near term resistance. Today’s range – 24,600 – 24,900.
- BANKNIFTY – Bank nifty could not continue upward journey and slipped to settle at 56,150 on Wednesday. Index is near 50 day EMA of 56,120 and below which support lies at 55,400 while resistance seen at 56,200. Today’s range – 55,400 – 56,200.
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