Equity Alert
Benchmark indices seen dn as additional US tariffs take effect
This story was originally published at 08:43 IST on 28 August 2025
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Equity Alert: Benchmark indices seen dn as additional US tariffs take effect
MUMBAI--0833 IST--Benchmark indices are likely to fall Thursday after the additional 25% US tariffs came into effect Wednesday, taking the total effective tariffs on Indian goods to 50%. Alongside tariff-related concerns, the expiry of the monthly contract of the Nifty 50 derivatives on Thursday is also likely to pull down the 50-stock index.
The 50% tariffs on Indian goods to the US are expected to weigh on the outlook for exports, limiting any sustained recovery in the rupee, analysts said. A weak rupee is another deterrant for foreign investors investing in Indian equities at a time when they are already cautious due to high valuations.
The derivatives contract of the Nifty 50 also indicates a slow start for the market. At 0808 IST, the August contract was at 24678.50 points, 33.55 points lower than the Nifty 50's latest close. The September contract was at 24796.50 points. Tuesday, the Nifty 50 index closed at 24712.05, down 255.70 points, or 1%, and the BSE Sensex closed at 80786.54, down 849.37 points, or 1%.
Overgnight, indices in the US gained slightly with the S&P 500 closing at a record high. After market hours, technology giant Nvidia reported its second quarter earnings, where its bottom line and top line both beat Wall Street's estimates. However, the stock's futures were down 3% post the earnings. Most Asian bourses were up in early trade Thursday. (Akash Mandal)
Equity Alert: S&P 500 hits record high; Nvidia futures fall despite Q2 beat
MUMBAI--0759 IST--The US market closed higher Wednesday, with the S&P 500 hitting a fresh record high, ahead of Nvidia's quarterly earnings, seen as a crucial trigger for the ongoing bull market. The S&P 500 gained 0.2% to close at an all-time high of 6,481.40 points, while the Dow rose 0.3%. The Nasdaq Composite ended 0.2% higher.
Shares of Nvidia, which carry the heaviest weight in the S&P 500 at nearly 8%, were little changed. The technology major reported its numbers after market hours, with both its bottom line and top line beating Wall Street's estimates. However, the stock's futures were down 3% post the earnings. "My takeaway is that these (Nvidia) numbers are not unexpected, nor is this reaction...the market has begun to factor in that Nvidia can continue to beat most expectations in spite of headwinds and questions like what they will have to pay to continue selling to China," Reuters reported Nick Frasse, product manager at Vaneck Associates, as saying.
Investors also digested political developments in Washington, where US President Donald Trump's unprecedented removal of Federal Reserve Governor Lisa Cook continued to draw scrutiny. Top White House economic adviser Kevin Hassett said Cook should take leave, even as she readied a lawsuit challenging her dismissal. Despite the turmoil, markets have largely looked past the controversy.
Following are the closing levels of US indices overnight:
| INDEX | LAST LEVEL | CHANGE IN % |
| Dow Jones Industrial Average | 45565.23 | 0.32 |
| NASDAQ Composite | 21590.14.29 | 0.22 |
| S&P 500 | 6481.40 | 0.2 |
(P. Madhu Kumar)
US$1 = INR 87.68
End
Edited by Vandana Hingorani
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