India's stock benchmarks to open flat on caution ahead of US tariff deadline
The Gift Nifty futures were trading at 25,535 points as of 7:58 a.m. IST, indicating that the Nifty 50 will open near its previous close of 25,461.
Asian shares opened lower after U.S. officials flagged a delay in upcoming tariffs but offered no clarity or formal documentation, leaving investors uncertain about the scope of the change.
The U.S. is close to finalising trade agreements with several countries and will notify other countries of higher tariff rates by July 9, President Donald Trump said on Sunday. The new rates are set to take effect from August 1.
Both the Nifty and Sensex fell 0.7% each last week.
'Investors have adopted a wait-and-watch approach and have turned cautious ahead of the July 9 tariff deadline,' said Vinod Nair, head of research at Geojit Financial Services.
Foreign institutional investors (FII) remained net sellers of Indian stocks for the fifth straight session while domestic investors snapped a four-session buying streak on Friday.
Analysts say a favourable trade deal and strong June quarter earnings could lift indexes to record highs, while disappointments on either front could pressure markets.
Both the Nifty and Sensex remain about 3% below their all-time highs hit on September 27, 2024.
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