Highlights
Sensex, Nifty fall up to 1% in pre-opening trading
U.S. stocks end mixed after Fed maintains status quo
Asian stocks trade in red as August 1 deadline looms
HUL, Maruti Suzuki, Adani Enterprises, Vedanta to declare Q1 results today
Market opens sharply lower
Top gainers and losers
India faces short-term economic hit from U.S. tariffs
Major market sell-off unlikely: Anand Rathi Wealth
Key sectors and stocks likely to face pressure amid tariff imposition
Tariff policies may see revision as trade talks progress: Axis Securities
Brigade Hotel shares list 10% below issue price
U.S. President Donald Trump hits out at India-Russia relations
Hindustan Unilever Q1 results out, consolidated net profit surges 5.96% to ₹2,768 crore
Nifty Pharma trades in red, Ipca Labs, Lupin, Zydus Life lead fall
Markets@11: Top Gainers and Losers
All sectoral indices except FMCG bearish
6 Indian companies sanctioned by US for trading oil with Iran
Markets@12: Nifty crosses 24,800, Sensex stands above 81,300
Markets rebound sharply after opening in red today
Nifty Midcap index down by 0.57%; Smallcap index falls by 0.54%
HUL shares surge by almost 5%
Sensex up 300 pts, Nifty inches close to 25K
TVS Motor's Q1 FY26 revenue surges by 20%; stock up by 0.45%
Ambuja Cements shares down 3% post Q1
Jio Financial Services shares up 3% on fundraising plan
Emami reports 9% profit growth in Q1FY26; stock jumps 6%
Adani Enterprises shares fall 4% as Q1 profit dips 50% to ₹734 cr
Market closes lower in choppy trade
RIL, Tata Steel, Sun Pharma, NTPC, Adani Ports lead fall
Stock Market Live: Sensex ends 296 pts lower, Nifty at 24,768; RIL, Tata Steel, Sun Pharma, NTPC, Adani Ports lead fall
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Sensex, Nifty set to open sharply lower
Indian benchmark indices, BSE Sensex and NSE Nifty, are poised for a weak opening on Thursday after U.S. President Donald Trump imposed a 25% tariff and penalty on Indian exports. At 8:15 AM, the GIFT Nifty index was trading 174 points, or 0.7%, lower at 24,680, indicating a sharp gap-down opening for the Indian share market.
The tariff will have little impact on India’s H2 FY26E earnings recovery trajectory, as high-weightage sectors such as financials, consumption, and technology are unaffected, Emkay Global said in a report. “There may be a short-term selloff as the markets are already fragile with weak earnings momentum (1QFY26 numbers are tepid) and little valuation comfort, with most indices trading at LTA+ PER,” it said.
The main sectors that may get affected are textiles, auto ancillaries, chemicals and, possibly, oil market companies (OMCs), if Russian crude imports are stopped.
Sensex, Nifty fall up to 1% in pre-opening trading
The BSE Sensex and NSE Nifty plunged up to 1% in pre-opening trading on Thursday as sentiment was dented after U.S. President Donald Trump slapped a 25% tariff and penalty on Indian exports.
On Wednesday, Donald Trump said India would pay a tariff of 25% and a "penalty" for indulging in business with Russia. Trump's statement comes as the two countries failed to reach an agreement on bilateral trade, despite five rounds of talks, though talks are still on.
U.S. stocks end mixed after Fed maintains status quo
In the overnight trade, Wall Street ended on mixed note after the Federal Reserve left interest rates unchanged at its July meeting on Wednesday. During the post-meeting press conference, Chair Jerome Powell said that it’s still "early days" when it comes to assessing the economic effects of tariffs, adding that “no decisions” have been made yet regarding a potential rate cut in September.
Extending losses for the third straight session, the Dow Jones Industrial Average ended 0.4% lower, while the S&P 500 closed down by 0.1%. The tech-heavy Nasdaq Composite rose 0.2%.
In post-market hours trading on Wednesday, Microsoft shares jumped 6% following strong quarterly results, while Facebook parent Meta shares surged up to 10% after the company exceeded Wall Street expectations for the latest quarter.
Asian stocks trade in red as August 1 deadline looms
Tracking mixed cues from U.S. stocks, Asian markets witnessed selling pressure on Thursday as caution prevailed ahead of the August 1 tariff deadline. Investors also digested the U.S. Federal Reserve’s latest policy decision and kept a close watch on ongoing trade negotiations between the U.S. and China.
Hong Kong’s Hang Seng was the worst performer in the region with a 1.6% loss, followed by China’s Shanghai Composite, which plunged 1%. Among others, Singapore’s Straits Times, Australia’s ASX 200 declined 0.6% and 0.2%, respectively.
On the other hand, Japan’s Nikkei 225 was up 0.9%, Taiwan’s Weighted Index added 0.3%, while South Korea’s Kospi was trading marginally lower.
HUL, Maruti Suzuki, Adani Enterprises, Vedanta to declare Q1 results today
Hindustan Unilever, Maruti Suzuki India, Adani Enterprises, Coal India, TVS Motor Company, Vedanta, Eicher Motors, Sun Pharmaceutical Industries, One Mobikwik Systems, Ambuja Cements, Swiggy, Dabur India, Emami, ICRA, JSW Energy, Dr Lal PathLabs, Mankind Pharma, and many others are set to release their June quarter earnings today.
Market opens sharply lower
Indian share market opened sharply lower on Thursday after U.S. President Donald Trump imposed a 25% tariff and penalty on Indian exports, with benchmark indices BSE Sensex and NSE Nifty falling up to 0.8% each.
At the time of reporting, the 30-share Sensex was at 80,870.38, down 612 points or 0.75%, and the Nifty50 slipped 183 points, or 0.73%, to 24,668.
Top gainers and losers
On the BSE Sensex pack, 25 out of 30 stocks were trading in red, barring Eternal (Zomato), Power Grid, HUL, Tata Steel, and ITC.
On the other hand, Reliance Industries, Tata Motors, Bharti Airtel, Titan, and SBI were among top five losers.
India faces short-term economic hit from U.S. tariffs
The 25 % tariff on India plus an unspecified penalty for energy and defence-related purchases from Russia is very bad news for Indian exports and thereby on the growth prospects of the Indian economy in the short run. Since trade negotiations with India are continuing, perhaps, the 25 % tariff may come down eventually, said VK Vijayakumar, Chief Investment Strategist, Geojit Investments.
But certainly, there is a short-term hit to Indian exports and GDP growth. This short-term hit will reflect in the stock market, too, in the short-term, he said.
"From the investor perspective it is important to understand that the 25 % tariff will come down after the negotiations which start in mid-August. The 25% tariff imposed on India is far higher than the rates reached in trade deals with other countries. This is the typical Trumpian strategy to get better deals from India in other areas and finally settle at a tariff rate around 20 % or less."
He said that the Nifty is unlikely to go below the support level of 24500. Investors can buy the dip focusing on domestic consumption themes, particularly segments like leading private sector banking names, telecom, capital goods, cement, hotels and select autos which have done well in Q1.
Major market sell-off unlikely: Anand Rathi Wealth
The Indian market is currently being driven largely by domestic investors, and FIIs are almost 85% short. Therefore, a major sell-off is not expected. Some volatility is likely, any dips wil be buying opportunities for investors with even 2-3 year time frames as we have already had a 10 month time correction, said Feroze Azeez, Joint CEO, Anand Rathi Wealth Limited.
"The announcement of a 25% tariff on Indian goods, while higher than anticipated, broadly falls within the 15–20% range that markets had been bracing for. In that sense, it is not entirely unexpected. What requires close monitoring is the structure of the additional penalty linked to arms and energy imports from Russia, which remains undefined at this stage," Azeez said.
From a technical standpoint, this move could weigh on near-term export competitiveness and trigger currency volatility if sentiment deteriorates. That said, the overall trade and investment relationship between India and the U.S. still has room for improvement and is not yet in a worrisome zone.
Key sectors and stocks likely to face pressure amid tariff imposition
According to SBI Securities, India's annual export to US is worth ($85-90 billion; 2.0% of GDP). Hypothetically, assuming 50% of the exports are likely impacted then the impact can be to the tune of approx $40 bn, which is 1% of GDP. At the same time, some products will also find way to new markets and hence total impact can be hardly to the tune of 0.5% of GDP, that too if the exports are impacted for full year.
Here are key sectors and stocks that are likely to face pressure amid tariff imposition:
Textiles
(Exposure in North America as a % of FY24 revenue)
1. Gokaldas Exports: ~80% of revenue generated from North America market.
2. Kitex Garment: Around 70% of revenue from US market.
2. Welspun Living: 60-65% revenue from US market. Leading exporter of home textiles to U.S. mass-market retailers like Walmart, Costco.
3. KPR Mill: Exports to North America account for ~21% of total exports.
4. Vardhman Textiles: 30-35%/40-45% of total Yarn/Fabric exports to the US
5. Indo Count Industries: Among top three U.S. bed-linen suppliers; ~97.5% export revenue, largely to the U.S.
Pharma
(Exposure in North America as a % of FY24 revenue)
Kindly note, there is no clarity whether Pharma is also part of this tariff or its exempted. More clarity will emerge soon.
1. Natco Pharma : 68.0%
2. Dr Reddy’s: 48.6%
3. Aurobindo Pharma: 48.2%
4. Zydus Lifesciences: 44.4%
5. Biocon : 41.3%
6. Lupin : 35.5%
7. Sun Pharma : 32.1%
8. Cipla : 30.0%
9. Glenmark Pharmaceuticals : 26.2%
10. Ajanta Pharma : 23.2%
Auto
1. M&M - Major chunk of Tractor exports to USA
2. Bharat Forge - 40% of total revenue from Americas. But company has 2 manufacturing facilities in USA
3. Balkrishna Industries - 15% of Tyre volumes
4. Ramkrishna Forgings- Significant order book from North America.
5. JK Tyres - Mexican subsidiary to be impacted. Exports significant volumes to USA from Mexico
6. Steel Strip Wheels 63% of total export volumes to USA
7. Samvardhan Motherson- Major supplier of components to USA
8. Garware Hi Tech Films: 45% of the revenue is from US
In addition, companies such as Sansera Engg, Alicon Castalloy, Happy Forging, CEAT, VST Tillers have orderbooks or foraging into the US market
Cables & Solar panels:
1. RR Kabel: 7 to 8% of total revenue and 10% of export
2. Polycab: 2% of total revenue but 1/3rd of export sales
3. Waaree Energies: 17% of revenues. Also has plant in US so quickly they mitigate the tariff risks by ramping-up US manufacturing.
Gems and Jewellery/Others
Goldiam 90% revenue from USA
Pokarna 82%
Avanti 77%
Tariff policies may see revision as trade talks progress: Axis Securities
While a 25% tariff imposed by the US on Indian exports certainly disrupts vital sectors and presents immediate challenges for India's economy, it is improbable that it will significantly alter the country’s long-term growth path, said Rajesh Palviya, SVP - Research, Axis Securities.
He said that India’s growth narrative is supported by solid fundamentals such as a growing domestic market, vibrant entrepreneurial spirit, and increasing international partnerships. Additionally, elevated tariffs ultimately raise expenses for consumers and businesses in the US, rendering these measures impractical over time.
“Both countries have a shared interest in preserving advantageous trade relations, increasing the chances that tariff policies will be revised or eased in the future. As market conditions and consumer demands evolve, both parties may be inclined towards negotiation and collaboration, which could mitigate any lasting effects of temporary tariff increases."
Brigade Hotel shares list 10% below issue price
Shares of Brigade Hotel Ventures made a weak debut on the domestic bourses on Thursday, listing at a 9% discount to the initial public offering (IPO) price.
Brigade Hotel shares opened at ₹82 on the BSE, down 8.9% from the issue price of ₹90, giving the company a market capitalisation of ₹3,114.71 crore. On the NSE, the stock opened at 9.89% lower at ₹81.10 per share.
U.S. President Donald Trump hits out at India-Russia relations
In a post on his social media platform, Truth Social, Trump lashes out on India for maintaining trade relations with Russia. "I don't care what India does with Russia. They can take their dead economies down together, for all I care," he said in the post. This comes after he announced imposing 25% tariffs on inports from India.
Hindustan Unilever Q1 results out, consolidated net profit surges 5.96% to ₹2,768 crore
India's largest FMCG company, HUL, announced its Q1 results for the current financial year. It's consolidated net profit surges 5.96% to ₹2,768 crore in Q1FY26. The total income rose by 5% year-on-year to ₹16,715 crore in Q1FY26.
HUL shares rise 2% to ₹2,484.90 on the NSE after strong profit performance.
Nifty Pharma trades in red, Ipca Labs, Lupin, Zydus Life lead fall
The Nifty Pharma index slipped down by 1.14% to 22,809.95. Ipca Labs, Lupin, and Zydus Life drag by 3.17%, 2.79% and 2.15% respectively. Even amongst the pharmaceutical companies in the Nifty 50, Cipla and Dr Reddy's saw a drop in their share prices by 1.16% and 1.48% as well.
This drop is seen as a reaction to U.S. President Trump's ongoing tariff announcements, even though the pharma sector remains exempted. In a Truth Social post, Trump has indicated that duties on drug exports are likely to be introduced soon.
Markets@11: Top Gainers and Losers
HUL leads the Nifty 50 after posting robust performance in its Q1FY2026 results. Following the lead, Jio Financial Services, and PowerGrid make it to the top three. Major losers that are dragging the scrip down are Adani Enterprises (-1.95%), Wipro (-1.60%), and Reliance Industries (-1.54%).
All sectoral indices except FMCG bearish
Nifty FMCG is trading in green after HUL posted robust Q1FY2026 performance, leading to its share price surging by 3.5%. Emami trails second, clocking a 3% rise, bringing its share price to Rs 582.2.
6 Indian companies sanctioned by US for trading oil with Iran
The Trump administration announced sanctions against “entities that have traded in Iran's petroleum”, which affect at least six India-based companies.
These companies are Alchemical Solutions, Global Industrial Chemicals, Jupiter Dye Chem, Persistent Petrochem, Kanchan Polymers, Persistent Petrochem.
Other companies that are affected by these sanctions are based in China, Indonesia, Turkiye, and the United Arab Emirates (UAE).
Markets@12: Nifty crosses 24,800, Sensex stands above 81,300
15 constituents of the Nifty 50 have advanced, while 14 companies of the Sensex 30 are trading in green with HUL still leading in both the scrips. Out of the 2809 stocks traded on the NSE, 944 have advanced, 1773 declined and 92 remained unchanged.
Markets rebound sharply after opening in red today
The markets rebounded sharply after opening in the red today. As of 12.50 PM today, the Nifty 50 index has recovered over 200 points, while the Sensex inched up close to 50 points after falling over 600 points earlier today.