Sensex & Nifty Brace for Turbulence: US Tariff Fears Clash with Mixed Global Signals
Markets hold their breath as geopolitical tremors rattle trading floors.
Tariff tensions trump bullish whispers—Wall Street's mood swings infect Asian bourses.
Meanwhile, crypto markets yawn at traditional finance's latest anxiety attack.
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Trideep Bhattacharya, President and CIO, Equities Edelweiss MF, on the impact of Tariffs on the markets, said: “We estimate the overall cumulative impact of tariffs at 0.5–0.7% of India’s GDP, with the sharpest effects likely in Gems & Jewellery, Textiles, and Mobile Phones. This is the economic price India may have to pay to safeguard its domestic agricultural economy, as part of “welfare motive” in our opinion. The broader consequence will be a mix of higher goods inflation, tighter producer margins, and a drag on global trade — a combination that could weigh on valuation multiples globally over time.
Meanwhile, gift Nifty is ruling at 24,645 (730 IST) against Nifty futures close of 24,673, signalling a flattish opening.
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Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities, said:The derivatives setup supports the technical bounce, with early signs of bullish sentiment re-emerging.
Derivatives setup
For the first time in over a month, put writers have marginally outpaced call writers, indicating a subtle but meaningful sentiment shift, he said. The 25,000 strike has witnessed heavy call writing, with open interest rising to 53.04 lakh contracts, establishing it as a major resistance zone. Conversely, the 24,500 strike holds the highest put open interest at 45.96 lakh contracts, reinforcing it as immediate support. “Notably, put writers have regained confidence by re-establishing positions closer to the current market price, while call writers have begun covering their positions. This positioning hints at growing Optimism among market participants,” he said, adding that the Put-Call Ratio (PCR) has surged from 0.60 to 1.02, reflecting strengthening bullish sentiment and a clear shift in favour of put sellers.
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VIX movement
India VIX edged lower by 2.28%, closing at 11.68. “Despite global tariff-related developments, implied volatility remains subdued and anchored NEAR neutral territory. The persistent low VIX suggests the broader market is expecting consolidation rather than sharp downside risks, indicating that caution exists without panic,” he further said.
Meanwhile, global stocks are mixed in early trade in the Asia-Pacific region, with Japan and Taiwan leading the gains, while Korea, China, and Australian stocks are in the red.
Published on August 8, 2025
