Equity Alert
Indices seen in range amid tariff risks; GST meet in focus
This story was originally published at 08:05 IST on 3 September 2025
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Equity Alert: Indices seen in range amid tariff risks; GST meet in focus
MUMBAI--0741 IST--Benchmark indices are likely to remain in a range Wednesday with a negative bias amid concerns over India's economic growth due to tariffs by the US. However, the Goods and Services Tax Council is scheduled to meet Wednesday to discuss potential tax reductions on goods, and any positive developments from the meeting may help equities rise
Global cues were largely weak with the US markets, which opened after Monday's holiday on account of Labor Day, ended 0.6-0.8% lower Tuesday. Asian markets were mixed, with indices in Japan and Taiwan were a bit down while those in Hong Kong and South Korea were slightly up.
GIFT Nifty contacts indicated minor gains at open for the Nifty 50 index. At 0737 IST, the September futures contracts of the GIFT Nifty traded at 24637 points, marginally up from its previous close and rose 0.2% from the Nifty 50's close Tuesday. Analysts expect the Nifty 50 to find support at 24500 points, followed by 24300 points while resistance is seen at 24700 points. On Tuesday, the Nifty 50 faced selling at higher levels and closed at 24579.60 points, down 0.2%.
Tariffs by the US have been a major concern among market participants as they are likely to hurt India's exports and pose a risk to economic growth. India has not managed to strike a deal with the US so far and that has led to negative sentiment in the market. Earlier, analysts had expected a quick deal but that confidence is slowly dwindling as relationship between India and the US comes under stress.
On Tuesday, US President Donald Trump clearly said "no" when asked if he was considering taking away some of the tariffs imposed on China, Bloomberg reported. Tariffs by the US on Indian goods is currently at 50%. A trade deal with the US is unlikely to come quickly as Union Commerce Minister Piyush Goyal Tuesday said the government is hopeful of concluding a bilateral trade agreement with the US by November, which is around two months away. (Anshul Choudhary)
Equity Alert: US mkt ends lower Tue after US court deems most tariffs illegal
MUMBAI--0732 IST--Equity indices in the US closed lower Tuesday amid uncertainty over US tariffs. This was the first trading session since a US appeals court Friday ruled that most of US President Donald Trump's tariffs were illegal, but kept tariffs in place to give the Trump administration a chance to file an appeal with the Supreme Court. The Cboe Volatility index--Wall Street's fear gauge--surged nearly 7% during the session.
"...the question becomes, 'Has the Trump administration alienated our trading partners as well as given up the revenue from tariffs?' That's what's plaguing markets," Reuters quoted Oliver Pursche, senior vice president and adviser for Wealthspire Advisors, as saying.
September is historically a weak month for the US market. Since 1950, the S&P 500's average return in the month of September is -0.68%, Reuters reported, citing Carson Group's Ryan Detrick. If fact, September is the only month with an average negative return in the last 75 years. The performance during the month has also turned weaker in the recent past. In the last decade, the S&P 500's average return in September has been near -2%. With tariff-related uncertainty and economic growth concerns also weighing, traders are bracing for another weak September this time round.
Among specific stocks, Kraft Heinz fell 7?ter the company said it would split into two companies, one focused on groceries and the other on sauces and spreads. PepsiCo gained 1?ter Elliott Management bought stake worth $4 billion in the company. Shares of technology heavyweight Alphabet surged 8% in extended trading after a US court ruled against the most severe consequences such as a sale of the Chrome browser in the US Justice Department's antitrust case against the company.
Following are the closing levels of US indices Tuesday:
| INDEX | LAST LEVEL | CHANGE IN % |
| Dow Jones Industrial Average | 45295.81 | (-)0.55 |
| NASDAQ Composite | 21279.63 | (-)0.82 |
| S&P 500 | 6415.54 | (-)0.69 |
(Akash Mandal)
US$1 = INR 88.16
End
Edited by Subhojit Sarkar
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