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Indian Stocks Swing on US Tariff Hike, Await RBI Policy Call

Strong Q4 GDP growth of 7.4% fails to offset global trade frictions that have prompted heavy FII selling

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, May 28, 2025.   REUTERS/Wolfgang Rattay/File Photo
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., May 30, 2025. REUTERS/Jeenah Moon/File Photo
FILE PHOTO: A Wall Street sign hangs in front of a U.S. Flag outside the New York Stock Exchange (NYSE) before the Federal Reserve announcement in New York City, U.S., September 18, 2024. REUTERS/Andrew Kelly/File Photo

Overview

  • Sensex plunged over 700 points intraday on Monday after President Trump announced plans to double steel and aluminium tariffs to 50%, before recovering to close down 77 points while the Nifty fell 34 points
  • Brent crude jumped more than 3% to $64.84 a barrel as escalating Russia-Ukraine tensions and trade concerns drove oil prices higher
  • Foreign institutional investors sold equities worth Rs 6,449.74 crore on Friday, extending outflows that dampened market sentiment at the start of the week
  • Despite solid domestic data led by private consumption and manufacturing, the Nifty remains range-bound with support at 24,500 and resistance near 25,100
  • Market attention is fixed on the Reserve Bank of India’s June 6 meeting, where a 25 basis point rate cut is widely expected to bolster credit growth and consumption