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Indian equity markets are set for a cautious start on Wednesday, with global developments casting a shadow over investor sentiment. As of 7:10 AM, GIFT Nifty futures were quoting 34 points lower at 25,578, hinting at a weak open for the Sensex and Nifty.

Overnight, global markets struggled to find direction after US President Donald Trump ruled out any extension to the August 1 tariff deadline. In a sharp escalation, Trump announced a 50 per cent tariff on copper imports and floated the possibility of imposing up to 200 per cent duties on pharmaceutical exports to the US over the next 12 to 18 months. The move rattled trade-sensitive sectors and raised concerns of renewed tensions between Washington and Beijing.

Asian markets opened mixed, with marginal gains seen in Japan and South Korea, while Australian stocks slipped. Investors in the region are also digesting fresh economic data from China. While consumer inflation in June inched up to 0.1 per cent year-on-year — reversing May’s decline — producer prices contracted more sharply than expected, falling 3.6 per cent, suggesting ongoing pressure on industrial activity.

Wall Street ended little changed on Tuesday, with the Dow closing modestly lower and the S&P 500 and Nasdaq barely budging. Investors largely stayed on the sidelines ahead of the Federal Reserve’s FOMC minutes, due later today, which could offer fresh insights into the central bank’s policy outlook.

Back home, institutional flows offered some support, with foreign investors net buying shares worth ₹41.72 crore on Tuesday. Domestic institutions were more active, pumping in a net ₹1,330.84 crore into equities.

On the corporate front, quarterly earnings will remain in focus, with companies including GACM Technologies, Burnpur Cement, Bodhtree Consulting, and Supreme Infrastructure India slated to announce their Q1FY26 results. Meanwhile, primary market activity stays busy. Crizac’s mainboard IPO will make its debut on the bourses today, while the Travel Food Services IPO enters its third day of subscription.

In the commodities market, gold prices extended losses, dropping 0.8 per cent to $3,307.16 per ounce, as a firmer US dollar and improved risk appetite dented demand for safe-haven assets. Oil prices, on the other hand, continued to climb, with Brent crude closing at $70.15 per barrel and WTI settling at $68.33 — both benchmarks marking their highest levels in over two weeks.

With geopolitical concerns resurfacing, soft Chinese macro data, and the Fed’s commentary awaited, domestic markets are likely to trade with a negative bias in early action.

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