Indian shares are set to open lower on Thursday after US President Donald Trump imposed a 26% reciprocal tariff on imports from the South Asian nation.
The GIFT Nifty futures were trading at 23,069.5 as of 6:46 a.m. IST, indicating that the blue-chip Nifty 50 will open below Wednesday’s close of 23,332.35.
Trump’s tariff announcement on India on Wednesday was part of his plan to impose a 10% baseline tariff on all trade partners, with higher duties on dozens of other countries, including 34% on China.
India’s equity benchmarks edge higher; investors brace for US tariffs
Other Asian markets plunged as investors fled to the safety of bonds, gold and the yen as the unexpectedly steep tariffs threatened to upend trade and supply chains.
“The US tariffs are on the higher side and clearly could trigger an immediate fall in Indian markets on Thursday,” said Saurabh Jain, assistant vice president of research of retail equities at SMC Global.
The Indian rupee declined in the non-deliverable forward market on Thursday after the fresh tariffs were announced.
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