Indian Stocks Brace for Sixth Day of Losses Amid US Tariff Turmoil
- US President Trump imposed steep tariffs on pharmaceuticals (100%), heavy trucks (25%), and furniture (30–50%), shaking global markets.
- GIFT Nifty futures down 33 points; pharma, auto, and IT stocks likely to be most impacted.
- Polycab block deal, Infosys Mohali campus, NTPC nuclear project, Waaree Energies probe, and SBI Card–IndiGo tie-up in focus.
Indian markets are expected to open lower today, extending losses for the sixth straight session. The weak sentiment comes after US President Donald Trump announced a fresh round of tariffs on several products, including pharmaceuticals, heavy trucks, and furniture. At 7:40 AM, GIFT Nifty futures were trading 33 points lower at 24,935.
Trump’s Tariff Announcements
In a post on Truth Social, Trump said that from October 1, all 'branded or patented pharmaceutical products' imported into the US will face 100 percent duties, unless the company builds drug manufacturing plants within the country.
In another post, Trump added that imports of heavy trucks will be hit with a 25 percent levy. Kitchen cabinets, bathroom vanities, and related products will attract a 50 percent tariff, while upholstered furniture will see a 30 percent tariff.
The announcement shook global markets. In Asia, China’s CSI 300 slipped 0.01 percent, Hong Kong’s Hang Seng dropped 0.89 percent, South Korea’s KOSPI fell sharply by 1.92 percent, and Japan’s Nikkei eased 0.19 percent.
Overnight in the US, Wall Street ended lower as investors awaited the release of August’s personal consumption expenditure (PCE) inflation data. The S&P 500 and Nasdaq each slipped 0.5 percent, while the Dow Jones declined 0.38 percent.
Also Read: Corporate Moves Shaping Today's Market
Key Stocks to Watch
IT stocks: Accenture reported better-than-expected fourth-quarter revenue and announced a $865 million restructuring plan over the next six months. The move is aimed at realigning its workforce and operations to meet the growing demand for digital and AI-driven services. This update could drive action in Indian IT stocks like Infosys, TCS, and Wipro.
Pharma stocks: Shares of Sun Pharma, Dr Reddy’s Laboratories, Cipla, and other Indian pharmaceutical companies may come under pressure after Trump’s announcement of 100 percent duties on imported branded and patented medicines.
Auto stocks: Companies that manufacture trucks and heavy vehicles will also be in focus as US tariffs on heavy trucks could hit global demand.
Polycab India: Promoters sold a 1.5 percent stake in the company through a block deal on Thursday, raising Rs 1,740 crore. The shares were sold at an average price of Rs 7,458 each in the open market.
Waaree Energies: The US is investigating whether Waaree Energies, India’s largest solar panel maker, avoided anti-dumping and countervailing duties on solar cells imported from China and Southeast Asian countries.
Tata Motors: The company said Jaguar Land Rover’s India business remains unaffected despite plant shutdowns and supply disruptions in the UK following August’s cyberattacks.
NTPC: The company announced that the 2,800 MW Mahi Banswara Rajasthan Atomic Power Project, developed with NPCIL, will be one of India’s largest nuclear plants. The Rs 42,000 crore project will provide reliable base load power to the country.
ITC: The FMCG major is optimistic about festive demand this year. Reports suggest that recent GST rate cuts and price reductions are expected to boost sales volumes in the packaged food industry.
Jindal Stainless: The company revealed plans to invest Rs 700 crore in decarbonisation efforts. It has already cut over 3.18 lakh metric tonnes of CO2 emissions in FY25.
SBI Card & IndiGo: IndiGo has launched a co-branded premium credit card with SBI Card. The product will offer exclusive travel and lifestyle benefits to customers.
Afcons Infrastructure: The company has appointed Firoz Cyrus Mistry, son of late Tata Group chairman Cyrus Mistry, as a non-executive director on its board.
Air India & Zomato (Eternal partnership): Air India has tied up with Zomato to link its Maharaja Club loyalty programme with Zomato’s delivery platform. Customers will now be able to earn travel rewards for every Zomato order above Rs 499.
Infosys: Punjab Industry Minister Sanjeev Arora said the IT services major will invest Rs 300 crore to set up a new campus in Mohali.
RITES: The engineering consultancy has received an $18 million order from South Africa’s Talis Logistics to supply and commission overhauled Cape gauge ALCO diesel-electric locomotives.
BHEL: The Department of Investment and Public Asset Management (DIPAM) has rejected Bharat Heavy Electricals’ proposal to form a joint venture with REC Power Development and Consultancy.
