India’s benchmark equity indexes are set to open higher on Tuesday after an extended weekend as US President Donald Trump has exempted electronics from steep “reciprocal” tariffs. Gift Nifty futures were trading at 23,299.5 as of 8:03 a.m. IST, indicating an about 2% rise from the Nifty 50’s Friday close of 22,828.55. Indian markets were shut on Monday for a local holiday. Global equities have been on a volatile path as Trump’s tariff flip-flops have triggered uncertainty over their impact on global growth and inflation. Over the weekend, the US excluded smartphones, computers and other electronic items from “reciprocal” tariffs, sparking a relief rally in global equities. Trump had earlier this month announced steep tariffs on all US imports, but later paused them for 90 days on several countries excluding China. Meanwhile, the US is setting the stage to proceed with tariffs on semiconductors and medicines under the national security umbrella. The uncertain global trade and tariff policies have led Morgan Stanley to lower India’s fiscal year 2026 GDP growth projection by 40 basis points to 6.1% and cut the December 2025 Sensex target by 12% to 82,000. US tariff flip-flop hurts Indian equity benchmarks for 2nd week Auto and pharma stocks will be in focus on the day amid tariff-related developments. Trump has suggested he might grant exemptions on the 25% levies for automobiles that are already in place. Tata Motors and some auto part makers like Samvardhana Motherson International, Sona BLW Precision Forgings and Sansera Engineering were seen as taking a hit from Trump’s auto tariffs.