Author: Eqwires

IPO calendar for next week: The ongoing drought in Indian primary markets is set to persist for another week, as no new public offerings are scheduled to open for subscription in the mainline segment. This marks a continuation of the current lull, with the small and medium enterprises (SME) platform also remaining largely inactive. However, there will be listings of shares from three companies in the SME segment. 

Drought in the mainline segment continues

The mainline segment has not witnessed any new public offerings for over a month and is expected to remain inactive for yet another week. The last company to launch its initial public offering (IPO) in this segment was Quality Power Electrical Equipments, with shares listed on the domestic exchanges on Monday, February 24, 2025.

SME listings to keep investors busy

While the mainline segment remains dormant, the SME platform is slated to see some activity next week. Three companies—Infonative Solutions, Spinaroo Commercial, and Retaggio Industries—are scheduled for listing on the BSE SME platform. Among these, shares of Retaggio Industries are set to make their debut on Monday, April 7, 2025. 

Meanwhile, shares of Infonative Solutions and Spinaroo Commercial, whose basis of allotment is expected to be finalised today, are slated to list on Tuesday, April 8, 2025. 

Primary market momentum loses steam

That said, this prolonged inactivity is a stark contrast to the thriving IPO scene in 2024, which saw particularly strong performance. In 2024, over 300 mainboard and SME offerings raised a whopping ₹1.71 trillion, marking an extraordinary year for primary market investors. However, momentum has significantly slowed in 2025. So far this year, 10 mainboard companies have gone public, raising nearly ₹15,983 crore, while 56 companies from the SME segment have raised ₹2,511.17 crore.

Secondary market update

The drought in the primary markets is mirrored by a similar trend in the secondary markets. The benchmark Indian equity indices, BSE Sensex and NSE Nifty50, are currently trading nearly 12 per cent lower than their historic highs reached in September 2024. Year-to-date, both indices have logged a decline of nearly 4 per cent. This downturn in both primary and secondary markets signals a challenging environment for investors and market participants in early 2025.

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Indian markets have been on edge over the last two sessions after US President Donald Trump’s reciprocal tariffs on over 180 countries, including India, rocked global markets. The US reciprocal tariff of 26 per cent on India is higher than expected, but is relatively lower than that levied on other Asian countries like China (34 per cent), Vietnam (46 per cent), Thailand (36 per cent), Indonesia (32 per cent) and Bangladesh (37 per cent) which compete with India for export share.

 While the Indian markets were visibly stable on Thursday, the sentiment took a beating on Friday after Donald Trump said he was planning tariffs on the pharma sector “like never before”. Consequently, the Nifty index tanked over 300 points to hit the day’s low of 22,921.60, whereas the Sensex index crashed 1,009 points intraday.

As analysts suggest investors to tweak their investment portfolios, focusing on domestic-economy lined stocks, Motilal Oswal Financial Services (MOFL) has listed out five stocks that investors could buy in April 2024. The brokerage has picked Varun Beverages, SRF, ICICI Bank, Indian Hotels, and Amber Enterprises as its focus ideas for the month. 

Stock Name	Rating	CMP (₹)	Target (₹)	Upside (%)
Varun Beverages	Buy	544	680	25%
SRF	Buy	2900	3540	22%
ICICI Bank	Buy	1329	3540	17%
Indian Hotels	Buy	831	960	16%
Amber Enterprises	Buy	6935	7800	12%

 At 1:30 PM on Friday, April 4, Varun Beverages share was trading 1.61 per cent down at ₹535.25, SRF share price was down 1.11 per cent at ₹2,869.10, ICICI Bank up 0.49 per cent at ₹1,336, The Indian Hotels share was down 3.15 per cent at ₹804.85, and Amber Enterprises stock was down 4.20 per cent at ₹6,638.55. In comparison, the benchmark Nifty50 index was down 308.25 points or 1.33 per cent at 22,941.85. 

From a technical perspective, the immediate support for the Nifty index is at 23,150, followed by 23,000 zones, while resistance is at 23,400, followed by 23,550 zones. 

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The Department of Commerce is closely studying the potential opportunities that may emerge as a result of recent tariff hikes imposed by the United States, the Ministry of Commerce said on Thursday. The government has confirmed that it is carefully reviewing the implications of the announcements made by the US, with an emphasis on identifying how India can benefit. 

In addition, the commerce department has been actively engaging with various stakeholders, including Indian industry representatives and exporters, to gather valuable feedback. This approach aims to assess the impact of the US tariff increases and explore avenues for Indian businesses to capitalise on the evolving trade landscape.

US President Donald Trump on Thursday morning (IST) announced the imposition of reciprocal tariffs ranging from 10 per cent to 50 per cent on imports from all trading partners. The baseline 10 per cent tariff will take effect from April 5, while the higher 27 per cent rate will be enforced from April 9. However, certain sectors, including pharmaceuticals, semiconductors, and energy products, have been exempted from these duties. 

“The Department of Commerce is carefully examining the implications of the various measures and announcements made by the US President,” the statement noted. 

Meanwhile, India and the US are negotiating a bilateral trade agreement. The negotiations are centred on fostering increased trade, investments, and technology transfers between India and the US. It may also provide some relief to Indian exporters in terms of tariffs. 

“We remain in contact with the Trump Administration regarding these matters and anticipate making progress in the coming days,” the statement added.

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As the world braces for the economic impact of US President Donald Trump’s latest tariff measures, the White House provided a list of exempted commodities.   

The biggest win? India’s pharmaceutical sector, which has temporarily avoided the new levies. This is significant, as India currently imposes a 10 per cent tariff on American pharma imports, while the US does not charge any duties on Indian pharma products.  

What’s exempt from Trump’s tariffs?

Following the Rose Garden ceremony, the White House confirmed that certain goods will be spared from the new tariffs set to take effect on April 5. The list includes:  

Pharmaceutical products

Semiconductors

Lumber articles

Copper and gold 

Energy resources and select minerals unavailable in the US

Additionally, aluminium and steel products, automobiles, and auto components are also exempt, as they are already covered under Section 232 duties.  

Industry experts say India’s pharmaceutical sector is the biggest winner in this tariff strategy. The country imports $800 million worth of pharmaceutical products from the US while exporting $8.7 billion worth of pharma goods to the American market.

Electronics sector set to gain?

Meanwhile, a BBC report suggests that India’s electronics sector could also benefit. With higher US tariffs on countries like Vietnam, some supply chains may shift toward India, boosting the country’s exports in this space.

With the April 5 deadline approaching, analysts are closely monitoring how these tariff exemptions reshape global trade dynamics. For now, industries spared from the latest levies can breathe a sigh of relief. 

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President Donald Trump’s tariff announcement on Wednesday triggered significant after-hours trading reactions. Dow Jones lost 751 points, or 1.8%. S&P 500 futures tanked 3% and Nasdaq-100 futures lost 3.8% after hours. Shares of multinational companies were hit.

Trump declared at least 10% tariffs on practically all goods imported into the United States. He further revealed a chart, detailing revised tariff rates for most of the country’s trade partners.

As soon as the president signed the executive order, Nike lost 7% and Apple’s shares fell 6%. Five Below took an 11% hit and Gap plunged 12%. Tech shares, including Nvidia at 4%, were down after hours. Elon Musk-led Tesla tanked by 5%.

Technology and semiconductor stocks also saw steep after-hours losses, driven by the global supply chain implications of tariffs on countries like Taiwan (32%) and China.

Indian, Japanese, and Chinese stocks also fell in extended trading. The iShares MSCI India ETF dropped around 2.8%, while the iShares MSCI Japan ETF (EWJ) declined 3.2%. The iShares MSCI China ETF (MCHI) tanked by about 2.4%.

Ralph Lauren dropped more than 5% and Estée Lauder declined 3.5%.

“What was delivered was as haphazard as anything this administration has done to date, and the level of complication on top of the ultimate level of new tariffs is worse than had been feared and not yet priced into the market,” Art Hogan, chief market strategist at B Riley Wealth Management, told CNBC.

“When the press conference first started the President said tariffs would start with a 10% baseline across the board. That was better than expected, which was why we saw futures rallying,” Chris Zaccarelli, chief investment officer at Northlight Asset Management, told Bloomberg.

“But once he got to specifics and started giving examples which were significantly higher than 10%, that’s when futures turned around and went negative,” Zaccarelli added.

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