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How 2026 is shaping up for Indian investors? Gurmeet Chadha shares his asset class view
As global macro conditions shift, investors are rethinking asset allocation for 2026. Gurmeet Chadha of Complete Circle Consultants highlights constructive prospects for Indian equities, caution on silver, moderation in global AI-led trades, and potential outperformance in long-duration bonds, supported by fiscal strength and likely inclusion in the global bond index.
Sebi likely to approve NSE IPO this month, says chief Tuhin Kanta Pandey
Sebi Chairman Tuhin Kanta Pandey said the regulator is in the advanced stages of granting a no-objection certificate for the long-pending NSE IPO, likely within this month. NSEs listing process, delayed since 2016 due to regulatory clearances, has progressed after corrective measures and the settlement of past cases.
Retiring early is looking more difficult. The new game plans.
A frothy stock market and looming inflation makes early retirement a trickier exercise.
DMart Q3 Results: Cons profit jumps 18% YoY to Rs 856 crore, revenue up 13%
Avenue Supermarts, the parent of DMart, posted strong Q3 FY26 numbers with consolidated PAT rising 18.3% YoY to Rs 855.92 crore, compared to Rs 723.72 crore a year earlier. Revenue from operations grew 13.3% YoY to Rs 18,100.88 crore, up from Rs 15,972.55 crore in the same quarter last fiscal.
Dalal Street Week Ahead: With momentum fading, can Nifty defend 25,300?
Nifty broke below its 500-point trading range, ending the week down 2.45% amid global uncertainty and a spike in volatility. Technical indicators signal weakening momentum, with support at 25,50025,300 crucial. Sectoral trends show Services, Pharma, Infra and BFSI outperforming, while FMCG, Energy and Realty lag on relative strength.
Asset manager Aberdeen trims Venezuela bonds after stunning rally
Aberdeen Investments is reducing its stake in Venezuela's defaulted bonds. These bonds have seen a significant price increase over the past year. Portfolio manager Kevin Daly cited high tail risk as the reason for this prudent move. Despite recent gains, the path to debt restructuring remains challenging due to ongoing US sanctions.
Argentina pays $4.3 billion to bondholders, meeting critical deadline
Argentina has successfully paid $4.3 billion to sovereign bondholders, meeting its January 9 deadline. This crucial payment, despite low foreign reserves, aims to boost investor confidence and reopen international capital markets. The government is keen to signal stability as more significant repayments loom, including to the IMF. Analysts are watching for a positive market reaction and potential reserve rebuilding.
Top electric bus makers gear up for govts 6,230-bus mega tender
The latest tender is being seen as important for legacy players like Tata Motors, Switch Mobility, and VE Commercial Vehicles Ltd, who lost out on the previous 10,900 e-bus tender the PM E-Drive scheme
F&O Talk | Nifty cracks after new high: Is this the start of a deeper fall? Sudeep Shah answers
Markets witnessed one of the sharpest weekly declines in recent months as global risks and heavy selling dragged indices lower. Technical expert Sudeep Shah explains whether this move signals deeper correction and outlines key levels, sector strategies and near-term market triggers.
Bitcoin consolidates between $88,000 and $92,000 as drawdown remains far milder than past cycles
Bitcoin trades within a narrow $88,000 to $92,000 range as its current drawdown remains far shallower than in previous market cycles. Analysts highlight muted volatility, steady capital flows and neutral technical indicators amid a wait for fresh macro catalysts.
Motilal sees silver sparkle through 2026, pegs Rs 3.20 lakh target. Is the big run just beginning?
Silvers explosive 170% surge in 2025 may be just the beginning, says Motilal Oswal, which believes the metal is entering a multi-year supercycle. Strong industrial demand, tight supply, rising ETF flows and supportive macro trends could push MCX Silver to Rs 3.20 lakh in 2026 despite expected volatility.
Stablecoin transactions rose to record $33 trillion in 2025
Stablecoin transactions surged to a record $33 trillion in 2025, driven by supportive US policy under President Trump and rapid institutional adoption. USDC led with $18.3 trillion in flows, outpacing Tethers USDT. Rising usage outside DeFi signals broader mainstream demand for digital dollars amid global economic uncertainty.
Europe stocks close at record as Glencore jumps on Rio Tinto interest
European stock markets reached a new peak on Friday. Glencore's significant jump fueled the rise. Technology stocks also performed strongly, marking their best week in almost two years. This rebound shows investor resilience despite global concerns. Defence stocks saw notable weekly gains. The US jobs report indicated cooling growth, reinforcing expectations of steady interest rates.
Why understanding matters more than returns when deploying capital?
Wealthy individuals are increasingly investing in complex private credit and structured strategies. These investments carry inherent risks due to limited liquidity and infrequent price visibility.
Retail investors bet big on these 12 smallcaps; stocks rally up to 65% in FY26, Do you own any?
Retail investors have steadily increased holdings in select small-cap stocks, with 12 counters delivering strong FY26 gains of up to 65%, highlighting growing confidence despite broader market weakness.
TCS, Kotak Bank and six other companies are set for stock splits, bonus issues, and dividends next week, offering opportunities for investors.
Indias defence order pipeline hits record levels; Astra Microwave, Bharat Dynamics top buys
India's defence manufacturing sector sees enhanced medium-term visibility due to accelerated capital acquisition approvals, with FY26 year-to-date clearances nearly double the annual outlay. This robust pipeline, spanning diverse military needs and emphasizing integrated systems, de-risks future order inflows for the sector over the next two to four years.
Concurrent Losers: 12 stocks decline for five consecutive sessions
Indian markets remained under pressure as the Sensex declined for a fifth straight session. Twelve BSE 100 stocks recorded losses in all five sessions, reflecting sustained selling across sectors amid broader market weakness and cautious investor sentiment.
IPO Calendar: Amagi Media Labs to headline busy week as six issues open for subscription next week
Indias primary market gears up for a busy week as six IPOs open for subscription, led by Amagi Media Labs. Alongside five SME issues, strong demand for Bharat Coking Coal highlights investor interest amid ongoing market volatility.
Swiggy, Infosys among 17 stocks in BNP Paribas' top buy ideas for 2026. Check list here
BNP Paribas expects the Nifty 50 to reach 29,500 by end-2026 and has identified 17 top stock picks across autos, banks, IT, telecom, consumer and healthcare sectors, led by Maruti Suzuki, Infosys, Swiggy and HDFC Bank.
IREDA Q3 Results: PAT jumps 15% YoY to Rs 1,381 crore, revenue up 28%
IREDA posted a 15.4% YoY rise in Q3 FY26 PAT at Rs 1,381 crore, with revenue up 28.2% to Rs 6,042 crore. Loan sanctions jumped 29% YoY to Rs 40,100 crore, while disbursements rose 44% to Rs 24,903 crore. Strong domestic borrowings and diversified clean energy lending underpin robust growth and execution visibility.
Tejas Networks Q3 Results: Cons loss widens to Rs 196 crore, revenue sinks 88% YoY
Tejas Networks reported a Rs 196.55 crore loss in Q2, impacted by an 88% revenue drop and a significant BSNL order deferral. Despite a large inventory, the company secured private 5G wins and PLI incentives, signaling future growth potential amidst current financial challenges.
Oil gains as market weighs Iran, Russia supply risks; dealmaking for Venezuela in focus
Oil prices saw a significant jump on Friday. Growing concerns over supply disruptions in Iran due to intensifying protests are impacting the market. Escalating attacks in Russia's war in Ukraine are also contributing to these worries. Despite these factors, global oil inventories are rising, potentially capping further price increases. Market focus is now on Venezuelan oil export deals.
Gold set for weekly gain on US payrolls miss, broader uncertainty
Gold prices surged this week, nearing record highs, driven by weaker U.S. jobs data and escalating global uncertainties. Investors are anticipating Federal Reserve rate cuts, a traditional boost for precious metals. Geopolitical tensions, including conflicts in Ukraine and unrest in Iran, further fueled demand.
D-Street sees worst week since September 2025 amid tariff fears, FPI selling
The Indian stock market has been on a downward trend, recording losses for the fifth straight day. Investors are pulling back on their portfolios in light of impending US job statistics and a critical Supreme Court verdict on tariffs.
Torrent Pharma eyes Rs 12,500-crore bond sale next week. Check details
Next week, Torrent Pharmaceuticals is set to launch a hefty debt sale, targeting around 12,500 crore in fundraising. This capital will play a critical role in facilitating the company's acquisition of JB Chemicals & Pharmaceuticals. The strategy includes issuing commercial paper and non-convertible debentures, showcasing the increasing reliance on debt markets for corporate buyouts.
US stocks scale fresh record high after unemployment rate improves
U.S. stocks reached record highs Friday following a mixed jobs report. While hiring slowed, the unemployment rate improved, suggesting a stable job market that might delay but not eliminate Federal Reserve interest rate cuts. Energy and housing sectors saw significant gains, while General Motors faced a substantial hit due to its EV pullback.
Sebi approves 5 IPOs including that of Kissht and Alcobrew Distilleries
Sebi has approved five IPOs across sectors including digital lending, alcoholic beverages, textiles and precision engineering. Major issuers include Kissht, Alcobrew Distilleries, Aastha Spintex, Indo MIM and Kusumgar, signalling a strong and diverse primary market pipeline.
Walmart to replace Astrazeneca on Nasdaq-100 on Jan 20
Walmart is set to join the prestigious Nasdaq-100 Index. The retail giant will replace British drugmaker AstraZeneca. This move takes effect on January 20. Walmart is also joining the Nasdaq-100 Equal Weighted Index and the Nasdaq-100 Ex-Tech Sector Index. Companies often switch exchanges for better alignment with investor bases and services. The Nasdaq-100 is known for including top non-financial companies.
Wall Street Week Ahead: Earnings start, inflation data pose tests for resilient US stocks
Indian markets are off to a strong start in 2026, but investors should brace for potential volatility. Corporate earnings, crucial inflation data, and escalating geopolitical tensions are on the horizon. Despite a robust bull market, analysts caution that current optimism might be overlooking upcoming challenges, urging a look at defensive strategies.
Bank holiday on 10 January? Are banks open or closed today; check RBI calendar
Bank customers should check the RBI holiday calendar and plan bank-related activities accordingly, especially for Saturdays when banks may not be open. Read more to find out whether banks are open or closed today.
ET Market Watch: Sensex cracks 2,350 pts in a week, trade jitters, FII selling hit stocks
MTAR Technologies bulk deal: BofA buys 2 lakh shares worth Rs 55 crore
Bank of America acquired over 2 lakh shares of MTAR Technologies for Rs 55 crore in a bulk deal, paying a 6% premium. MTAR Technologies shares surged 6.69% to Rs 2,688.30, hitting a 52-week high. The company, involved in high-precision engineering for aerospace and energy, reported a decline in net profit and revenue for the September 2025 quarter.
US Federal Reserve seen on longer rate-cut pause after December jobs data
The U.S. unemployment rate dropped to 4.4%, potentially easing Federal Reserve concerns about labor market weakness. Traders now anticipate Federal Reserve Chair Jerome Powell's final rate cut has occurred, with future easing decisions likely falling to his successor. While job growth was weaker than expected, the jobless rate decline offers the central bank breathing room.
Sebi proposes to simplify trading-related framework at stock exchanges
Markets regulator Sebi on Friday proposed an overhaul of the trading-related framework at stock exchanges, aimed at simplifying rules, removing duplication, and reducing the compliance burden for market participants.
Societe Generale bought 14.33 lakh Tata Capital shares via a Rs 51 crore block deal after anchor lock-in expiry, while Marshall Wace exited an equal stake. The stock rose to Rs 359.85 following Indias largest 2025 IPO this week today
SAT directs SEBI to share complainants details in Asmita Patel case
Tribunal allows limited document disclosure; denies cross-examination at this stage
US Supreme Court does not issue ruling in Trump tariffs case
The U.S. Supreme Court will not issue a ruling on Friday in a major case testing the legality of President Donald Trump's sweeping global tariffs.
Sebi proposes uniform trading disclosures, higher net-worth for margin trading
India's markets regulator on Friday proposed to issue a uniform set of trading-related disclosure requirements to standardise compliance across India's three stock exchanges and two commodity exchanges.
Indias tea exports up 8.64% at 254 million kgs during Jan-Nov 2025
Shipments rise on higher demand and increase in per unit price
US stocks rise despite mixed jobs data; tariff ruling awaited
Wall Street's main indexes opened slightly higher on Friday, as investors digested weaker-than-expected jobs data, while awaiting a Supreme Court ruling on U.S. President Donald Trump's tariffs.
SEBI move to restrict sharing, use of price data for education with 30 days lag a right step
Using live data for educational purpose is clearly outside the scope of pure educational activity, said market regulator
Motilal Oswal AMC pauses inflows into Nifty Microcap 250 Index Fund
Under current regulations, micro-cap is not recognised as a separate category
Market veteran Gurmeet Chadha credited retail investors and DIIs for supporting Nifty amid heavy FII selling, citing record SIP inflows as proof of resilient long-term domestic capital and urging policy incentives to reward patient investors.
US job growth slows in December; unemployment rate eases to 4.4%
U.S. job growth slowed more than expected in December amid business caution about hiring because of import tariffs and rising artificial intelligence investment, but the unemployment rate dipped to 4.4%, supporting expectations the Federal Reserve would leave interest rates unchanged this month.
Gold ETF inflows triple m-o-m in December 2025
Gold ETFs attract investments of 42,961 crore in 2025, a fourfold increase from 11,226 crore in 2024
SEBI eases technical glitch framework for stock brokers
The framework will now apply only to brokers with more than 10,000 registered clients, a change that will take around 60 per cent of brokers out of the regime and significantly reduce their compliance burden.
Stock Market Holiday? NSE to remain open on January 15 during Maharashtra civil polls
The Indian exchange NSE will operate for regular trading on January 15, despite Maharashtra's public holiday for civic polls. While trading will proceed, January 15 is designated a settlement holiday, meaning T+0 settlements will not be processed. Consequently, T+1 trades from both January 14 and 15 will be settled on January 16.
Sebi simplifies requirements for grant of accreditation to AIF investors
SEBI simplified the accredited investor framework for AIFs, allowing agreements before certification, easing documentation norms and reducing bottlenecks, while preserving prudential safeguards and corpus rules to promote ease of doing business in capital markets.
10 mid-cap stocks with EBITDA margins over 50%. Do you own any?
StocksEdge data highlights ten mid-cap non-financial companies delivering over 50% EBITDA margins in FY25, led by NTPC Green Energy and SJVN, reflecting superior operating efficiency, resilient profitability and strong execution across diverse sectors.
ITC and 5 other stocks hit 52-week lows; slip up to 21% in a month
Six BSE 200 stocks, including ITC, Siemens Energy India and Jubilant FoodWorks, hit fresh 52-week lows on Friday as market weakness dragged them down up to 21% over the past month.
NSE, BSE to hold mock trading session on Saturday. Can investors trade? All you need to know
Indian stock exchanges NSE and BSE will conduct a mock trading session on Saturday, allowing brokers to test systems, risk controls and contingency mechanisms under simulated conditions. The drill includes call auctions, block deals and an outage scenario to validate Sebis alternate trading venue framework. No live trading will occur.
Indias forex reserves fall $9.81 billion to $686.8 billion
Foreign currency assets, the largest component of the reserves, fell by USD 7.622 billion to USD 551.99 billion, reflecting fluctuations in currencies like the euro, pound, and yen
RBI governor Malhotra urges banks to collaborate to curb rising digital frauds
Governor Sanjay Malhotra has called for shared analytics and AI tools to detect mule accounts, as the central bank pushes for near real-time supervision and lighter penalties.
Gainers & Losers: NALCO among 8 stocks that were under the spotlight on Friday
Indian markets extended losses for a fifth straight session as tariff concerns weighed on sentiment. Stocks such as Manappuram Finance, IEX and Elecon Engineering declined sharply, while Mazagon Dock, BHEL, NALCO and Hindustan Zinc saw buying interest.
Dalal Street falls for 5th day ahead of US court ruling on Trumps tariff
Sensex end 605 pts lower, Nifty 50 below 25,700. Asian Paints, ONGC lead Nifty 50 gainers, NTPC, Adani stocks, ICICI Bank top laggards.
BSE launches All Derivative Stocks Index to track F&O-linked BSE 500 stocks
BSE Index Services launched the BSE All Derivative Stocks Index to track derivative-eligible BSE 500 stocks, using market-cap and momentum weighting, reflecting Indias growing equity derivatives depth and offering a new benchmark for passive and active investment products nationwide participants.
Bad start to 2026 as Rs 9 lakh crore lost in 5 days. What should stock market investors do?
Indian equities suffered a brutal start to the year as global trade fears, Trump tariff threats and heavy foreign selling dragged Sensex down over 2,000 points, erasing Rs 9 lakh crore and pushing markets into a risk-off, high-volatility phase nationwide.
With widespread demand, new year cheers up Kochi Tea auctions
The average price realisation in the years first sale was up by 7 at 181 compared with 174 in the last week of 2025
Reliance Industries sees $15 billion market cap erosion at start of 2026
Investor sentiment has also cooled after retailers flagged weaker consumer demand and a US senator proposed legislation targeting buyers of Russian crude
Speed up mine operations to stay competitive, says Kishan Reddy
Reddy called for faster clearances, adoption of next-generation exploration technologies, and coordinated efforts across the mining value chain
Rupee falls 26 paise to close at 90.16 against US dollar
At the interbank foreign exchange, the rupee opened higher at 89.88 but lost ground through the day to settle at 90.16 (provisional) against the US dollar, down 26 paise from its previous close
Alia Bhatt-backed Ed-A-Mamma enters kids and baby personal care category
Alia Bhatt plans to accelerate investments in high-growth categories from sports to F&B, shaping a conscious consumer future.
Reliance Industries loses $15 billion market cap in bruising start to 2026
Reliance Industries Ltd. is off to bruising start to the year, with shares down more than 6% as investors digest weak retail outlooks and tougher US rhetoric on Indias Russian oil purchases putting the onus on upcoming earnings to arrest the slide.
Whats shaping crypto in 2025? Key takeaways from Binances year-end blockchain report
Binance achieved a major milestone by becoming the first crypto exchange fully authorized under ADGM's regulatory framework, coinciding with its user base surpassing 300 million. The report highlights a shift towards assessing crypto platforms as financial infrastructure, emphasizing governance, resilience, and user protection.
Multibagger watchlist: 10 stocks surge over 20% for 3 straight quarters in FY26. Do you own any?
In FY26, only ten actively traded stocks with market capitalisation above Rs 2,000 crore delivered consistent gains across three consecutive quarters. Strong participation and sustained momentum turned these stocks into multibaggers within the fiscal year, rewarding early investors with substantial wealth creation.
WazirX has completed the allocation of Recovery Tokens to eligible users under its court-approved scheme and distributed around 85% of rebalanced net liquid platform assets within 10 business days, enabling users to participate proportionally in future recoveries.
Manappuram Finance shares tumble 10% on report of RBI objections to Bain Capital deal
Manappuram Finance shares fell 10% after a Reuters report said the RBI has objected to Bain Capitals plan to acquire a controlling stake. Heavy volumes marked the sell-off as investors assessed regulatory risks surrounding the proposed investment.
Nifty to reach 29,500 by 2026-end, BNP Paribas says, backing HDFC Bank, Maruti Suzuki among top bets
BNP Paribas sees the Nifty 50 rising to 29,500 by end-2026, driven by earnings growth. The brokerage favours large, domestically focused stocks, citing policy support, easing financial conditions and a gradual recovery in consumption.
Rupee dips as NDF maturities, corporate hedging pinch
The Indian rupee slipped on Friday, pressured by dollar demand linked to maturing non-deliverable forward positions and corporate hedging as global markets awaited a key U.S. Supreme Court ruling on trade tariffs. The currency closed at 90.1625 against the U.S. dollar, down 0.1% on the day but little changed week-on-week.
SoftBank offloads 2.15% stake in Ola Electric via open market
Japanese multinational investment firm SoftBank, has sold 2.15 per cent of its holdings in Ola Electric mobility through its investment vehicle SVF II Ostrich (DE) LLC, according to a regulatory filing.
Ambani's Reliance Jio considers 2.5% public offering in 2026 India IPO, sources say
Over the past six years, Jio has diversified into artificial intelligence and raised funds from well-known investors
Jio IPO buzz: Mukesh Ambani eyes $4 billion raise with 2.5% stake sale
Reliance Jio Platforms is reportedly considering an IPO this year, potentially raising over $4 billion by floating 2.5% of the company. This move could make it India's largest-ever IPO. The telecom giant, led by Mukesh Ambani, has diversified into AI and attracted significant investor interest.
Steel firms plan Rs 4,000 crore IPO push amid safeguard duty boost
Steel and steel-linked companies are gearing up to mobilise around Rs 4,000 crore through IPOs over the next 12-18 months, buoyed by the government's decision to impose a three-year safeguard duty on select flat steel imports, merchant bankers said.
Elecon Engineering shares slump 17% as Q3 profit drops, CFO resigns
The steep drop in profitability weighed heavily on market sentiment, triggering a sell-off in the stock
2 top stock recommendations from Sneha Seth
Dalal Street faced another tough day with indices falling for the fifth session. Investor sentiment remains cautious amid sector volatility and global concerns. However, technical indicators suggest the market is near a significant support level. Experts advise caution on bearish bets and suggest focusing on PSU banks and auto stocks for potential recovery.
Goldman Sachs raises Reliance Industries share price target ahead of Q3 results next week. Heres why
Goldman Sachs has raised its 12-month target price for Reliance Industries ahead of its Q3 results, citing strong refining momentum and steady telecom growth offsetting near-term retail softness. The brokerage reiterated its Buy rating, expecting stable medium-term earnings supported by tight refining markets, rising Jio contribution, and improving cost dynamics.
Steel firms plan 4,000 crore IPO push amid safeguard duty boost
The safeguard duty, effective April 21, 2025, is expected to improve near-term pricing visibility for domestic producers by raising the landed cost of imports and reducing price undercutting
Markets likely to stay range-bound as valuations remain elevated: Ajay Tyagi
Indian equity markets are expected to trade in a narrow range due to elevated valuations and subdued earnings growth, despite domestic support. Ajay Tyagi suggests a year-long consolidation is likely, with comfort found in large-cap stocks and select sectors like private banks, IT, and autos.
Equity mutual fund inflows declined 6% in December, AMFI data shows
Equity mutual fund inflows fell 6.21% to 28,054.06 crore in December 2025, with total AUM declining to 79.98 lakh crore.
Auto stocks on fast track in FY26; two have already doubled investors wealth
Auto stocks are outperforming the broader market in FY26, with the BSE Auto index up 32%. SML Mahindra and Force Motors have emerged as multibaggers, while strong demand and earnings visibility continue to support sector-wide momentum.
Chinese entry unlikely, Vodafone survival assured but stock worth zero: Sandip Sabharwal
Market expert Sandip Sabharwal weighs in on reports of Chinese companies entering India, calls the move unlikely, and explains why recent selling was an overreaction. He shares a blunt view on Vodafone Ideas long-term value, discusses IEXs court hearing impact, and outlines why financials and capital goods could drive steady market returns this year.
Vodafone relief offers breathing room, but cash flow challenges persist: Piyush Pandey
Vodafone Idea gets government relief, easing immediate cash flow pressures. This provides breathing room for the telecom operator. However, significant spectrum dues remain a challenge. The company must raise funds and potentially increase tariffs. Future success depends on execution, capital raising, and customer acquisition. Network expansion is also crucial for long-term competitiveness.
IEX shares drag as CERC order on market coupling stays
According to reports, APTEL observed that the CERC will not implement the system till regulations are made. APTEL has scheduled next hearing on January 19, 2026
Japan's Nikkei rises as Uniqlo owner jumps on earnings, automakers gain
Japan's Nikkei share average closed higher on Friday. Fast Retailing's strong earnings fueled the rise. Automakers also saw gains due to a weaker yen and relief over China's export policy. The Nikkei climbed significantly for the week. Investors are now focused on US jobs data and its impact on monetary policy. Yaskawa Electric's results are also anticipated.
Why is the stock market falling? Indian equities extended losses for a fifth straight session, as global trade tensions and uncertainty over U.S. tariffs kept investors cautious. Markets are focused on the U.S. Supreme Court verdict on Trumps tariffs, which could have a major impact on IndiaU.S. trade relations and domestic market sentiment.
Shares of Eternal, HCL Tech, Asian Paints, ONGC and BEL traded as major gainers of Nifty 50, while ICICI Bank, Adani Enterprises, Adani Ports, Max Health and Maruti Suzuki traded as major laggards
US Supreme Court verdict on Trump tariff tonight: How Sensex, Nifty may get impacted
The US Supreme Court ruling on Trump-era tariffs could spark sharp gains or deepen volatility in Sensex and Nifty. India faces double exposure with 50% tariffs and a potential 500% levy on Russian oil imports, affecting trade and corporate profits.
