- Indian shares are set to open higher after the US Supreme Court struck down Trump's tariffs
- Nifty futures indicate a positive opening above Friday's close of 25,571.25 points
- India delayed a trade delegation to Washington amid tariff uncertainty post-court ruling
Indian shares are set to open higher on Monday, after the US Supreme Court struck down levies imposed by President Donald Trump, prompting him to raise a temporary tariff on US imports to 15 per cent from 10 per cent.
The Gift Nifty futures were trading at 25,744.5 points as of 7.51 am IST, indicating the benchmark Nifty 50 will open above Friday's close of 25,571.25.
US Supreme Court on Friday struck down Trump's sweeping tariffs, which he had pursued under a law intended for use in national emergencies, in a ruling with significant implications for global trade and economy.
On Saturday, Trump said that he will raise the temporary tariff on US imports from all countries from 10 per cent to 15 per cent, the maximum allowed under the law.
Given the court ruling and the uncertainty over tariffs following the judgment, India has delayed plans to send a trade delegation to Washington this week, Reuters reported, citing a source in the trade ministry.
The Indian delegation was scheduled to depart on Sunday to finalise an interim trade deal, after both countries agreed to a framework under which US tariffs on Indian goods would be reduced to 18%, while India committed to purchasing $500 billion worth of US items over five years.
Domestic equities will get off to a positive start, as sentiment is strengthened by supportive trade developments, with export-oriented sectors likely to see a bounce, two analysts said.
The Nifty and Sensex logged modest rise last week, as optimism around earnings recovery drove banks higher, while AI disruption worries and US-Iran tensions capped the upside.
Other Asian markets rose 1.1 per cent, while oil prices eased ahead of another round of talks between the US and Iran in Geneva on Thursday.
Among individual stocks, IDFC First Bank could drop after the lender said it was investigating a suspected fraud of $65 million by some employees involving accounts of local government entities.
STOCKS TO WATCH
** RailTel receives a letter of intent in a consortium with Ashoka Buildcon for a multi-year modernisation project in Maharashtra worth Rs 11.36 billion ($125.2 million)
** U.S. drug regulator classifies a unit of Cipla's supply partner, Pharmathen Internation, as "official action indication" following an inspection in Greece
** Vikram Solar signs a 20 billion-rupee pact with Jupiter International to procure 2 GW of TopCon and PERC solar cells.
