Indian shares set to open higher after US Supreme Court scraps Trump tariffs

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 U.S. imports to 15% from 10%.

The Gift Nifty futures were trading at 25,744.5 points as of 7:51 a.m. 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 U.S. imports from all countries from 10% to 15%, 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 U.S. tariffs on Indian goods would be reduced to 18%, while India committed to purchasing $500 billion worth of U.S. 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 U.S.-Iran tensions capped the upside.

Other Asian markets rose 1.1%, while oil prices eased ahead of another round of talks between the U.S. 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.