Tale of the Tape 

Howdy folks. Happy Friday!

Nifty (+1.9%) and Sensex (+1.8%) zoomed after the Trump tariff pause. PS - this means they’ve now erased all the losses from the Black Monday crash! Midcaps (+1.9%) and Smallcaps (+2.9%) joined the party too. A cool 444 stocks in the NSE 500 ended higher. Check out the Stocktwits Sentiment Meter:

It was a wave of green across sectors. Metals (+4.1%) saw the most buying, followed by Energy (+2.7%) and Pharma (+2.4%).

Trump has put his reciprocal tariffs on hold. But what does this exactly mean for India? Read our top story for all the deets.

TCS’s Q4 results missed estimates, sparking target cuts and raising concerns for FY26. More details below.

CEAT rallied +6% after global brokerage firm CLSA said it sees a further +23% upside from current levels.

Muthoot Finance (-6%) was the top NSE 500 loser, falling again today on the RBI’s move to regulate gold loans. PS - Kotak also downgraded the stock and cut its target price to Rs 2,250 vs Rs 2,400 p/sh earlier.

Aurionpro Solutions soared +13% after saying it would buy Hyderabad-based Fintra Software.

Container Corp was under pressure after missing its FY25 volume guidance. FYI - the company reported an 8% YoY growth vs the target of 18-20% growth.

Cipla jumped +5% after receiving the clean chit from the USFDA for its new drug used in the treatment of cancer.

Here are the closing prints:

Market
Pause or a Potential End?

Trump has officially hit PAUSE on his reciprocal tariffs for 90 days! FYI - this means till July, India will deal with a baseline 10% tariff that affects everyone and not a 26% duty. Obviously, great news. But there’s also a lot to unpack here. Let’s dive into it.

First up, the positives: A global meltdown has been averted. The US and China may still blow stuff up, but it’s a lot less than feared. This is also a huge relief for key sectors like gems & jewellery and seafood (Avanti Feeds up +5%), which couldn't exploit tariff arbitrage vis a vis countries like Vietnam or Thailand. Finally, the GOI now has 90 days to finish a trade deal, which exporters hope it will!

Go deeper: There’s also some not-so-great stuff. In sectors like textiles, we figured we could beat competitors like Bangladesh because they had a higher reciprocal tariff. With everyone at a 10%, it's back to square one… until of course trade deals are struck.

Zooming out, Trump’s anger with Beijing is off the charts: the US has levied a 145% tariff on all Chinese imports, while Xi has responded with a 125% tariff so far. This opens a HUGE opportunity for Indian electronics manufacturers. There’s already been reports of Apple upping production here & flying plane loads of iPhones to the US from India ahead of the tariff deadline.

This is just the start as EVERY electronics & hardware company flees China. FYI - this is why Kaynes Tech (+5%), Amber Enterprises (+6%) and Dixon Tech (+7%) soared today. India is basically being handed the opportunity to become a global manufacturing powerhouse at the expense of China.

Now, talking about this and actually seizing this opportunity are two very different things. We need the infrastructure, 24x7 electricity, and less bureaucratic red tape. We have a HUGE opportunity in front of us; let's hope it all works out in the end!

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