Domestic equity market benchmarks are likely to open marginally lower on Friday after the US slapped dozens of trading partners with steep tariffs and reiterated 25 per cent duty on imports from India.

The Gift Nifty futures were trading at 24,732.5 points as of 7:57 a.m. IST, indicating that the Nifty 50 will open below its previous close of 24,768.35.

The benchmark Nifty and Sensex fell as much as 0.9 per cent on Thursday, but pared some losses to end 0.4 per cent lower as investors viewed the US’ 25 per cent tariff threat on India as a pressure tactic and hoped for lower rates once negotiations conclude.

The negotiations between the two countries are continuing, Trump said on Wednesday, after announcing tariffs on India.

Elsewhere, the US increased tariffs to 35 per cent from 25 per cent on Canada, a top trading partner, and set duties at 20 per cent for Taiwan and 19 per cent for Thailand.

MSCI’s broadest index for Asia-Pacific stocks outside Japan fell 0.7 per cent after Trump’s fresh tariffs. Investors await US jobs data that could make or break the case for a Fed rate cut next month.

Higher US interest rates make emerging market equities such as India’s less attractive for foreign portfolio investors (FPIs), who have been on a selling spree this month.

On Thursday, FPIs sold Indian shares worth ₹5,589 crore ($638.23 million), marking their ninth consecutive session of selling, according to provisional data.

Stocks to watch

** Maruti Suzuki posts unexpected rise in quarterly profit, boosted by strong exports and a jump in non-operating income

** Online delivery platform Swiggy’s quarterly losses nearly double from last year on high marketing spends to attract customers in an intensely competitive market

** Royal Enfield owner Eicher Motors posts better-than-expected first-quarter earnings even as a shortage of rare earth magnets disrupted production, prompting it to switch to alternative materials

($1 = 87.5700 Indian rupees)

Published on August 1, 2025