President Trump said generic drugs imported into the U.S. will face zero tariffs for two years starting August 1, before a 100% levy takes effect in August 2028 and rises to 200% a year later. The phased schedule is intended to push generic drugmakers to move production onshore, Trump said in a social media post on Tuesday, describing the escalation as “a penalty” for companies that don’t build plants and facilities in the U.S. within the grace period.
Trump plans steep tariffs on generic drugs starting in 2028 to spur U.S. production – Daily Market Update 22nd July 2026
Overview and Outlook
Global Stock Market Today
- US equity markets settled higher in range 0.74% to 1.29%.
- European equity markets ended on a flat to positive note.
- Asian equity markets are trading mix.
- GIFT Nifty is down by 70 points, Nifty futures is likely to open around 24100 levels.
The benchmark Nifty index ended on a flat to negative note at 24188 spot levels after falling 51 points from its previous closing values.
The broader markets outperformed the benchmark as Mid and Small cap indices rose 0.3% & 0.53% respectively.
The majority of the sectoral indices, tracked at NSE, ended in green. Among them, Nifty Chemicals and Cement indices were at the top of the tally, gained 1.49% & 1.40% respectively followed by Auto and Realty index that gained around 1% each. On the flip side, PSU Banks, IT and Oil & Gas index were down in range 0.50% to 0.88%.
For the entire month of July so far, the Nifty index has been going through a thin consolidation phase in the 24,530–23800 spot zone. Within this consolidation range, the Nifty index is hovering in the confluence zone of its 50-day EMA (24000 spot) and 200-day EMA (24430 spot). A break above 24430 spot could lead it toward the upper band of the July consolidation range (24530–24600 spot zone); conversely, a fall below 24000 spot could drag it back to 23800 spot levels. A decisive break is needed for a sustainable move beyond the 23800–24600 spot zone.
Derivatives Overview & Outlook
Yesterday, Nifty and Banknifty futures added 2.4% and 4.3% of open interest respectively as short buildup, whereas no significant change was observed in Finnifty and Midcapnifty futures on price as well as on open interest front.
Performance on the sectoral front was mix. Amongst them, Capital Goods, Infrastructure, Power and Technology stocks witnessed maximum addition of short positions whereas some long buildup was seen among Realty and Textile stocks.
On options front, Nifty will start the last weekly series of July contract with maximum positions at 24200 CE and 24200 PE.
Institutional Trading Activity
Yesterday, FIIs bought stocks worth Rs 1650 Cr in the cash segment, sold index futures worth Rs 1487 Cr and also sold stock futures worth Rs 1690 Cr. DIIs were net sellers in the cash segment to the tune of Rs 657 Cr.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 24350-24450; Supports 24100-24000
Banknifty – Resistances 58500-58800; Supports 57600-57200
Finnifty – Resistances 26800-26950; Supports 26450- 26300
F&O stocks in ban today: Kaynes
Important Results Today: ADANIGREEN, ADANIPOWER, DRREDDY, ETERNAL, HINDPETRO, INDUSINDBK, OFSS, TATACOMM, & UNITDSPR
Disclosure
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