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Indian stock markets are likely to see a muted start on Tuesday, as global cues remain mixed following a surprise tariff announcement by former US President Donald Trump. At 7:10 AM IST, GIFT Nifty futures were trading 41 points lower at 25,498, hinting at a soft open for the Nifty 50 and Sensex.

In a fresh escalation of trade tensions, Trump announced blanket tariff hikes starting 1 August on goods imported from 14 countries. Exporters from Japan, South Korea, Malaysia, Kazakhstan and Tunisia will face 25 per cent tariffs, while Indonesia (32 per cent), Bangladesh (35 per cent), Cambodia and Thailand (36 per cent) were hit harder. The steepest levies of 40 per cent were imposed on Laos and Myanmar.

Outside Asia, South African and Bosnian goods will face 30 per cent tariffs. Trump, via Truth Social, said these tariffs could be revised depending on bilateral relations and warned against tariff evasion through transshipments.

US indices closed lower on Monday amid heightened trade concerns:

Dow Jones fell 0.94 per cent

S&P 500 dropped 0.79 per cent

Nasdaq Composite declined 0.92 per cent

US stock futures were slightly lower in early Asian trade, with Dow futures down 0.15 per cent and S&P 500 futures edging 0.05 per cent lower.

Nikkei 225 rose 0.21 per cent

Kospi gained 1.13 per cent

ASX 200 was up 0.21 per cent

Hang Seng edged 0.17 per cent higher

Gold prices ended nearly unchanged as safe-haven demand balanced a stronger US dollar. Spot gold was down 0.1 per cent at Rs 3,332.62 per ounce, while US gold futures settled at Rs 3,342.80.

Oil markets shrugged off bearish pressure from OPEC+ output hikes and tariff worries:

Brent crude rose 1.87 per cent to Rs 69.58 per barrel

WTI crude gained 1.39 per cent to Rs 67.93 per barrel

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Smarten Power Systems and Chemkart India enter Day 2 of subscriptions

Cryogenic Ltd and Happy Square Outsourcing will finalise basis of allotment today

GLEN Industries IPO opens for subscription

Indian equities may see a cautious start amid global trade uncertainty and choppy overseas markets. Focus today will remain on tariff-led macro cues, commodity prices, and IPO activity in both mainboard and SME segments.

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