The US is imposing new tariffs on around 60 trading partners accounting for the vast majority of its imports over claims they failed to properly stop forced labour. The duties, ranging from 10% to 12.5%, target key economic partners – including the UK, China, EU, Canada, Japan and India.
US slaps up to 12.5% tariffs on goods imported from 60 countries including India over issue of forced labour – Daily Market Update 24th July 2026
Overview and Outlook
Global Stock Market Today
- US equity markets settled lower in range 0.97% to 2.15%.
- European equity markets also ended lower in range 0.73% to 1.58%.
- Asian equity markets are trading lower.
- GIFT Nifty is down by 200 points, Nifty futures is likely to open around 23650 levels.
The benchmark Nifty settled lower at 23870 spot levels after a cut of 127 points from its previous closing values.
The broader markets underperformed the benchmark as Mid and Small cap indices fell around 1% each.
All sectoral indices, barring Auto and Media, ended in red. Among them, Nifty Chemicals and Realty index were at the bottom of the tally, fell 1.87% & 1.81% respectively followed by Oil & Gas and PSU bank index that fell around 1% each.
Technically, the Nifty index retested the lower band of its month-long consolidation range (23,800–24,530 spot zone) and is trading on verge of breakdown from it. Going ahead, a decisive breakdown below the 23,800–23,780 spot zone could trigger a further slide toward 23,600–23,500 levels. Conversely, sustained trading above 24,000 could push it back to 24,260 spot levels.
Derivatives Overview & Outlook
Yesterday, all index futures moved southward on short buildup as Nifty, Banknifty, Finnifty and MidcpNifty futures added 3.1%, 5.5%, 22.9% and 1.3% of open interest respectively.
All F&O sectors, barring Auto, settled lower on long unwinding.
On option front, call writing along with some put addition was seen at multiple OTM strikes. Maximum positions are at 25000 CE followed by 24000 CE and 23000 PE followed by 23500 PE.
Institutional Trading Activity
Yesterday, FIIs further sold stocks worth Rs 2999 Cr in the cash segment, sold index futures worth Rs 1840 Cr and bought stocks futures worth Rs 2181 Cr. DIIs were net buyers in the cash segment to the tune of Rs 2947 Cr.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 23900-24020; Supports 23700-23600
Banknifty – Resistances 57000-57400; Supports 56400-56000
Finnifty – Resistances 26200-26300; Supports 25900- 25800
F&O stocks in ban today: None
Important Results Today: BANKBARODA, HINDZINC, JINDALSTEL, LALPATHLAB, LAURUSLABS, NTPC, SBICARD, TATACONSUM, & SHRIRAMFIN
Disclosure
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