The United States trade court has ruled against President Donald Trump’s latest 10 percent global tariffs, finding that across-the-board tariffs were not justified under a 1970s trade law. The U.S. Court of International Trade’s 2-1 decision leaves the temporary tariffs in place for all other importers while any appeal by the Trump administration plays out. They are expected to expire in July.
US trade court rules Trump’s 10% global tariffs illegal, but issues narrow block- Daily Market Update 8th May 2026
Overview and Outlook
Global Stock Market Today
- US equity markets settled on a flat to negative note.
- European equity markets settled lower in range 1% to 1.57%.
- Asian equity markets are trading with a negative bias.
- GIFT Nifty is down by 100 points, Nifty futures likely to open around 24270 levels.
Nifty index briefly breached the 24350 spot levels on the higher side in intraday but failed to hold the higher levels and ended on a flat note.
Broader markets once again outperformed the benchmark as Mid and Small cap indices rose 1.10% & 0.87% respectively.
Performance on the sectoral front was mix and muted. Amongst them, Nifty Auto was the best performer, gained around 2% followed by Realty index that rose just over 0.5%. On the flip side, Consumer Durables, FMCG and IT index were the worst performer, down in range 0.75% to 0.85%.
Technically, Nifty index is still hovering in congestion range i.e. 23800-24600 spot zone. Moving forward, we reiterate our short-term sideways view on Nifty index as long as it is trading in 23800-24600 spot zone on closing basis. Hence, we suggest traders to maintain stocks-specific and levels-based trading approach for the time being.
Derivatives Overview & Outlook
Yesterday, Finnifty and Midcpnifty futures added 4.3% and 2.7% of open interest respectively as long buildup, whereas some short buildup was seen in Nifty futures. No significant changes was observed in Banknifty futures on price as well as on open interest front.
On the sectoral front, Capital Goods, Infrastructure and Power stocks witnessed maximum addition of long positions, whereas some short buildup was seen among FMCG, Oil & Gas, Technology and Telecom stocks.
On option front, both put writing along with some call writing was seen at multiple OTM strikes. Maximum positions are at 25000 CE followed by 24500 CE and 23500 PE followed by 24000 PE.
Institutional Trading Activity
Yesterday, FIIs sold stocks worth Rs 341 Cr in the cash segment, sold index futures worth Rs 177 Cr and also sold stocks future worth Rs 2732 Cr. DIIs were net buyers to the tune of Rs 441 Cr in the cash segment.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 24500-24600; Supports 24320-24200
Banknifty – Resistances 56500-56800; Supports 56000-55800
Finnifty – Resistances 26700-26800; Supports 26450- 26300
F&O stocks in ban today: NIL
Important Results Today: BANKBARODA, CHOLAHLDNG, HYUNDAI, KALYANKJIL, MCX, OBEROIRLTY, SWIGGY, TATACONSUM & TITAN
Disclosure
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