Indian equity benchmarks witnessed a volatile start to Friday’s trading session, opening in the green before turning negative within minutes as investors remained cautious ahead of a crucial US Supreme Court ruling on Trump tariffs.

As of 9:28 am, the S&P BSE Sensex was down 35.21 points at 84,145.75, while the Nifty 50 slipped 19.80 points to 25,857.50.

Market participants are bracing for heightened volatility as global cues continue to dominate sentiment. Investors are closely tracking developments in the US, where the Supreme Court is expected to deliver a verdict on the legality of tariffs imposed during the Trump administration.

Commenting on the recent market correction, Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, said that the sharp pullback has impacted even fundamentally strong stocks that are unlikely to be directly affected by any extreme trade measures.

He added that sectors such as financials, consumer discretionary, and industrials, which have corrected due to broader market weakness, offer accumulation opportunities for long-term investors.

Top Gainers and Losers

In early trade, Eternal emerged as the top gainer, rising 2.93%, followed by Bharat Electronics (BEL), which gained 1.29%. Asian Paints advanced 1.21%, Power Grid Corporation of India added 1.31%, and HCL Technologies rose 1.40%.

On the downside, ICICI Bank was the worst performer, falling 1.47%. Adani Ports and Special Economic Zone declined 1.02%, Sun Pharmaceutical Industries slipped 0.76%, and NTPC fell 0.64%.

Market Outlook

Markets are reacting to concerns surrounding potential trade disruptions after reports of extremely high tariff proposals under the Russia Sanctioning Act approved by former US President Donald Trump. Analysts believe that if the US Supreme Court rules against these tariffs, Indian markets—among the worst affected by the existing 50% levies—could see a sharp relief rally.

However, experts caution that the details of the verdict will be crucial in determining market direction for the rest of the session.