Indian equities kicked off the week with gusto, riding high on the US Supreme Court’s tariff takedown. Sensex roared 566 points or 0.68% higher to 83,401, Nifty up 183 points at 25,754 in early Mumbai trading at 9:33 AM.
Finance emerged as the undisputed leader, with PSU banks and financial services indices flashing top gains. Autos, metals, services, consumption, realty, and FMCG joined the party in green. IT and media sectors bucked the trend, dipping into losses.
From the Sensex, standouts were Adani Ports, Axis Bank, Kotak Mahindra Bank, HDFC Bank, M&M, HUL, ICICI Bank, Power Grid, Titan, Bharti Airtel, Bajaj Finance, Maruti Suzuki, Tata Steel, Ultratech Cement, ITC, Asian Paints, Eternal, and Sun Pharma. Infosys, Tech Mahindra, HCL Tech, TCS, NTPC, and Indigo weighed on the index.
Small and midcap action was lively too: Nifty Smallcap 100 gained 0.81% (138 points) to 17,140, while Midcap 100 traded flat.
At the heart of the surge is the US court’s Friday bombshell—a 6-3 decision nullifying Trump’s tariffs under the 1977 emergency powers act as unconstitutional overreach. Tariff authority, it affirmed, belongs to Congress alone.
Asia lit up in sympathy: Hong Kong, Jakarta, Bangkok, Seoul all green. US markets’ Friday close added to the cheer.
With tariffs on the ropes, global trade optimism could fuel sustained buying in India’s finance-led rally, though volatility looms if policy pivots ensue.