NIFTY50, SENSEX on September 26: US market cues, FII activity, Trump tariffs on pharma, key things to know before markets open

The Indian equity benchmarks are set to open lower as indicated by GIFT NIFTY futures. NIFTY futures at GIFT City in Ahmedabad fell 25 points or 0.10% to 24,934 amid weak cues from global markets.

In previous session, the SENSEX and NIFTY50 indices logged in their fifth straight session of losses dragged down index heavyweights like Tata Consultancy Services, Reliance Industries, ICICI Bank, Bajaj Finance, Power Grid, Larsen & Toubro and Tata Motors.

Asian markets

Asian markets were trading lower on Friday taking cues from weak closing of the US stocks after President Donald Trump announced a barrage of new tariffs.

Japan's Nikkei fell 0.1%, Hong Kong's Hang Seng dropped 1%, Taiwan Weighted declined 1.63%, South Korea's KOSPI fell 2.2% and China's Shanghai Composite declined 0.33%.

Wall Street update

Overnight, US stocks ended lower for a third straight session as economic data increased uncertainty over the future for interest rate cuts from Federal Reserve.

Data showed initial jobless claims dropped 14,000 to a seasonally adjusted 2,18,000 for the week ended September 20. Other data showed the US economy grew faster than previously estimated in the second quarter amid strong consumer spending and business investment, news agency Reuters reported.

This casts uncertainty on future rate cuts as US markets rose on hopes that there will be two more rate cuts.

The S&P500 fell 0.5%, marking its longest losing streak in more than a month. Tech heavy Nasdaq dropped 0.5% and Dow Jones fell 0.38%.

Trump tariffs update

President Trump on Thursday said that he will impose 100% import tariffs on pharmaceutical drugs, 50% on kitchen cabinets and bathroom vanities, 30% on upholstered furniture and 25% on heavy trucks starting on October 1.

Trump said on Truth Social that the pharmaceutical tariffs would not apply to companies that are building manufacturing plants in the United States, which he defined as either “breaking ground” or being “under construction.” It was unclear how the tariffs would apply to companies that already have factories in the US.

In 2024, America imported nearly $233 billion in pharmaceutical and medicinal products, according to the Census Bureau. The prospect of prices doubling for some medicines could send shock waves to voters as health care expenses, as well as the costs of Medicare and Medicaid, potentially increase, news agency AP reported.

FII/DII activity

Foreign institutional investors sold shares worth ₹4,995 crore on Thursday while domestic institutional investors bought shares worth ₹5,103 crore, data from the National Stock Exchange showed.

The FIIs have so far this month sold shares worth ₹13,450 crore and for the calendar year they have been net sellers to the tune of ₹1,44,085 crore, as per data from the National Securities Depository Limited (NSDL).

Stocks to watch

The company expects to increase its overall number of employees in FY26 across its markets, including in the US and countries in Europe, reflecting the demand it sees in its business. The company expects full-year revenue growth of 2% to 5% in local currency; excluding a 1% to 1.5% impact from its US federal business, the company expects revenue growth of 3% to 6% in local currency. Further, the company gave revenue guidance of $18.1 billion to $18.7 billion and the GAAP operating margin of 15.7%-15.9%