A seismic shift in US trade policy propelled India’s stock market to a strong opening on Monday. The Supreme Court’s verdict invalidating expansive tariffs under Trump has markets cheering, with Sensex surging 566 points (0.68%) to 83,401 and Nifty rising 183 points to 25,754 by 9:33 AM.
Banking and finance heavyweights stole the show, as Nifty PSU Bank and Financial Services indices spearheaded gains. Positive breadth swept across auto, metals, services, consumer goods, real estate, and FMCG packs. IT and media were the lone exceptions in red.
Sensex gainers included Adani Ports, Axis Bank, Kotak Mahindra, HDFC Bank, M&M, HUL, ICICI Bank, Power Grid, Titan, Airtel, Bajaj Finance, Maruti, Tata Steel, Ultratech, ITC, Asian Paints, Eternal, and Sun Pharma. Drags came from Infosys, Tech Mahindra, HCL Tech, TCS, NTPC, and Indigo.
Smallcaps outperformed with Nifty Smallcap 100 up 0.81% or 138 points to 17,140; midcaps held steady.
Friday’s US Supreme Court decision, by a 6-3 margin, ruled that tariffs imposed via the 1977 IEEPA bypassed Congress, violating the Constitution. This power resides solely with lawmakers, not the executive.
The ripple effects are global: Asian bourses like Hong Kong, Jakarta, Bangkok, and Seoul advanced, mirroring Friday’s US gains.
As traders digest the implications, focus sharpens on financial sector resilience and potential trade thaw. This could mark the start of a broader bull run if sentiment holds.