Indian equity benchmarks, the BSE Sensex and NSE Nifty, are set for a subdued start on Thursday despite positive global cues, as worries over the impact of higher U.S. tariffs on the domestic economy continue to weigh on sentiment. At 8:10 a.m., GIFT Nifty futures were trading 19 points lower at 24,677, signaling a gap-down opening for Indian share markets.

In the primary market, mainboard IPOs of Anlon Healthcare and Vikran Engineering will enter their second day of subscription, while Mangal Electrical Industries is set to make its market debut today.

On Tuesday, Indian equity market witnessed sharp selling as the U.S. deadline to impose 50% tariffs on Indian goods took effect, sparking broad-based declines across sectors. The BSE Sensex tumbled 849 points to close at 81,198, while the Nifty50 shed 256 points to end at 24,712, dragged down by realty, pharma, and IT stocks. The broader market bore the brunt of the sell-off, with the Nifty MidCap and Nifty SmallCap indices sinking 1.6% and 2%, respectively.

The rout erased over ₹6 lakh crore of investor wealth, as the combined market capitalisation of BSE-listed companies dropped to about ₹449.4 lakh crore from ₹455.41 lakh crore in the previous session.

S&P 500 closes at record high ahead of Nvidia earnings

In overnight trade, U.S. stocks ended higher as investors awaited Nvidia’s earnings report, viewed as a potential make-or-break event for the ongoing bull market. The S&P 500 rose 0.24% to a record closing high of 6,481.40, while the Nasdaq Composite gained 0.21% and the Dow Jones Industrial Average advanced 0.32%. Nvidia shares, which account for about 8% of the S&P 500, closed nearly flat ahead of the results.

Asian stocks mixed on concern over Fed independence

Asian equities witnessed mixed trend on Thursday as investors awaited earnings from AI giant Nvidia, while concerns over political pressure on the U.S. Federal Reserve also dented sentiments. The caution also prevailed in the market ahead of the release of key U.S. economic data later in the week, including second quarter GDP and the consumer price inflation print.

The equity markets in Hong Kong and Taiwan were down by 0.7% and 0.5%, respectively. On the other hand, Japan’s Nikkei 225, China’s Shanghai Composite, and markets in South Korea and Singapore rose up to 0.4%.

Top stocks to watch today

InterGlobe Aviation: The Rakesh Gangwal family is likely to offload up to a 3.1% stake worth around ₹7,027 crore in IndiGo through block deals.

Dr Reddy’s Laboratories: The Telangana High Court has granted an interim stay on the reassessment order and related income tax proceedings linked to the merger of Dr Reddy’s Holding into the company, until further hearing.

Tata Steel: The steel maker has invested ₹3,100 crore to buy shares in its Singapore-based subsidiary, T Steel Holdings Pte Ltd.

BSE: The company’s subsidiaries, BSE Investments and BSE Administration and Supervision, have secured board approval to merge with BSE Technologies.

United Breweries: The company will invest ₹90 crore to set up a new canning line at its Nizam Brewery in Telangana.

Dr Agarwal’s Health Care & Dr Agarwal’s Eye Hospital: Both entities have received board approvals for a merger under the Dr Agarwal’s Group, aimed at streamlining operations and strengthening strategic alignment.

SMS Pharmaceuticals: The company received the Establishment Inspection Report (EIR) with a “No Action Indicated” status from the U.S. FDA for its Central Laboratory Analytical Services in Hyderabad.

SBI Cards and Payment Services: The credit card issuer has partnered with Flipkart to launch the co-branded Flipkart SBI Credit Card.

Oil India & BPCL: Both companies have entered into a joint venture to roll out a city gas distribution network in Arunachal Pradesh, including CNG stations and piped natural gas (PNG) supply.

Power Grid Corporation of India: The PSU has been declared the winning bidder for an interstate transmission system project in Karnataka to strengthen renewable energy evacuation at Davanagere.

Lemon Tree Hotels: The company signed a license agreement for Lemon Tree Resort, Pench in Maharashtra, which will be operated by its subsidiary, Carnation Hotels.

HFCL: Subsidiary HTL won a contract worth ₹101.82 crore from the Indian Army to supply tactical optical fiber cables and accessories.

Himadri Speciality Chemical: The company earned the ISCC PLUS certification, enhancing its credentials in sustainable and traceable supply chains globally.

Rail Vikas Nigam (RVNL): RVNL has partnered with Texmaco Rail & Engineering to form a JV for railway and allied infrastructure projects, with a shareholding split of 51% (RVNL) and 49% (Texmaco).

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