Pre-market Update: Markets set for weak open as US slaps 50% tariffs on Indian exports

2 hours ago 1

Domestic equity markets are set to open on a cautious note Thursday, as US President Donald Trump's 50 per cent tariffs on select Indian exports take effect today, weighing heavily on export-driven sectors.

At 7:25 AM, GIFT Nifty futures were trading 70 points lower, down 0.29 per cent, indicating a soft start for the benchmark indices.

While Indian equities remain under pressure, most Asian markets traded higher following a mixed overnight session on Wall Street.

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Japan's Nikkei: +0.3 per cent

South Korea's Kospi: +0.3 per cent

MSCI Asia Pacific Index: Firm tone led by regional gains

US markets closed modestly higher on Wednesday, with the S&P 500 up 0.24 per cent and the Nasdaq rising 0.21 per cent. However, US equity futures dipped in Asia hours after Nvidia's sales guidance disappointed, raising concerns over the sustainability of AI-led growth.

Tariff Tensions: Export Sectors in Focus

The new 50 per cent US tariffs, among the steepest in Asia, target Indian goods in response to continued Russian oil imports. The move poses a risk to labour-intensive sectors such as:

Apparel & Textiles

Auto Components

Engineering Goods

Gems & Jewellery

Shrimp & Carpets

According to GTRI, the US accounts for $81 billion of India’s $443 billion in merchandise exports — equivalent to 2 per cent of India’s GDP.