Tale of the Tape 

Hola Amigos!

Nifty (+0.3%) and Sensex (+0.4%) managed to end a volatile AF trading session with some gains! Midcaps and Smallcaps up were +0.6% each. The advance-decline ratio was in favour of the bulls (3:2). 

Except PSU Banks (-0.2%) and FMCG (-0.1%), all other sectors ended in the green. Pharma (+0.9%) and IT (+0.8%) were the top gainers.

Trump’s reciprocal tariffs have been invalidated by a US court! More details below on what this means for India’s trade deal.

The IndusInd Bank scandal is never-ending. Read our top story for all the deets on the management’s insider trading and how you should handle corporate governance hell.

Cummins India, Deepak Nitrite and Balaji Amines saw big moves today. Check out their charts below to find out why.

Castrol India was up +6% after reports said BP may sell its Castrol lubricant business for up to $10 billion. PS - Reliance and Saudi Aramco are in the running.

Waaree Energies (+8%) soared after its US arm secured a mega order worth $176 million.

AI stocks were up after Nvidia reported an earnings beat. Anant Raj (+6%) and Black Box (+6%) saw the most gains.

Q4 reactions. Welspun Corp (+10%) hit a record high after its Q4 profit more than doubled. Som Distilleries tanked -6% after its topline fell -8% YoY.

Prostarm Info Systems’s IPO got oversubscribed ~100x on the final day

Market
Reality Check For Trump

US lawmakers have officially struck down Trump’s reciprocal tariffs! That’s right; a three-judge panel says he lacked the authority to impose sweeping global tariffs on countries around the world. It’s also given Trump just 10 days to reverse everything. This is big news for Indian companies and the global economy, but here’s why you shouldn’t celebrate just yet:

• For starters, the Trump administration has already appealed the ruling. Higher courts could set this judgement aside.

• Even if the appeals don’t go Trump’s way he could bring back the reciprocal tariffs under a different law. It would take time and effort -- mostly because the other ways are longer and require the government to conduct an investigation -- but they could come back in that form.

• This court ruling does not apply to sector-specific tariffs like steel & aluminum, which were done under a separate legal process. So those still exist and are a headache.

That said, there’s cause for some hope. After all, this offers leverage for India and other trading partners who are currently negotiating a deal with Trump. So far, let’s be real, the US has held all the cards. We don’t know the exact details, but reports say India is willing to concede a lot. And this doesn’t even cover the tariffs we’ve already cut (bourbon/motorcycles) or other freebies we’ve thrown in like fast-tracking Starlink’s entry into India.

With a court now breathing down Trump’s neck, analysts say it’s possible for countries to stand their ground and negotiate a better deal! Keep an eye out for how things pan out.

Specials
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