Sensex and Nifty rose as reports of a US India trade deal and foreign fund inflows boosted market buying.
Equity benchmarks rallied as reports of a prospective US-India trade deal and fresh foreign fund inflows drove buying in IT and select financial stocks, lifting the Sensex and helping Nifty regain the 26,000 level; commentators cited tariff reductions improving trade competitiveness, festival-season sales, short-covering and recent FII purchases as key drivers while global cues were mixed.

Trade diversification to reduce reliance on a single partner, prompting policy to substantially increase non US exports and market ties.
Canada will pursue a policy to substantially increase exports to non US markets as a strategic response to elevated US tariff measures and investment uncertainty, targeting sector vulnerabilities in autos, steel, aluminium and lumber while expanding ties with major markets and leveraging energy and critical minerals to reduce reliance on a single foreign partner.

India to almost stop buying Russian oil by year-end amid U.S. tariffs and pressure, including a 50% tariff increase.
U.S. public statements assert India will sharply reduce purchases of Russian crude by year-end and link those purchases to financing of Russian military action; in response the U.S. has imposed increased tariffs on Indian goods and an additional duty tied to India's purchase of Russian crude, while pursuing diplomatic pressure on India and China to curtail Russian oil imports.

Constitutional reform proposed to enable judicial restructuring and targeted subsidy measures amid urgent fiscal stabilization efforts.
The president-elect prioritizes constitutional reform to enable rapid fiscal stabilization, attract investment, and permit judicial reform to reduce politicization. Immediate fiscal measures include rejecting an IMF bailout in favor of alternative financing, deploying targeted subsidy reform through direct cash transfers for poorer households while maintaining stable transport fuel prices, and coordinating external fuel-import supply networks. The administration intends to convene a post-inauguration summit to produce constitutional and judicial proposals and to negotiate across political forces to contain backlash given sensitivities of Indigenous representation.

Global markets slip on tech selling amid trade negotiation uncertainty and US shutdown affecting economic data.
Global equity declines were driven by technology stock selling and trade-related uncertainty after US presidential comments cast doubt on a meeting with China's leader, while tariff negotiations and a US government shutdown delaying economic data complicated the Fed's assessment; corporate earnings and upcoming consumer-price data were highlighted as near-term influences on monetary-policy expectations and market sentiment.

Presidential emergency powers tested as challenge to using emergency law to impose sweeping tariffs reaches highest review.
Whether the president may employ the International Emergency Economic Powers Act to impose sweeping, country wide tariffs without congressional authorization is the central issue. The administration's use of the Act to block transactions and freeze assets after declaring an emergency is challenged by lower courts that have concluded the statute does not authorize tariffs on that scale, and the Supreme Court review will determine limits on executive emergency authority in the trade context.

Market volatility: tech-led selling drove Asian equities lower amid trade uncertainty and delayed economic data.
Asian equity markets fell on technology-sector selling after a muted US session, with divergence across regional indexes as investors reacted to trade-related political statements, sectoral export weakness related to tariffs, and delayed economic data. Pressure on major tech stocks trimmed benchmark gains while rising oil and gold and modest currency moves accompanied the market pullback; forthcoming consumer price releases and corporate earnings are identified as likely determinants of near-term market and policy direction.

Trade tariffs reshape Japan-US commerce as a bilateral framework imposes duties alongside market-opening and investment commitments.
A bilateral trade framework imposes a 15% tariff on specified Japanese imports while Japan pledged reciprocal commitments to increase investment and open markets for automobiles and rice; this package operates as a combined measure affecting customs duties, market access obligations, and investment flows, with exchange rate and domestic policy dynamics influencing its practical impact.

India's oil imports: Trump says India will cut Russian oil purchases; opposition accuses Modi of concealing policy details.
US President publicly stated that India is significantly reducing or stopping purchases of Russian oil and said he had been assured such imports would be stopped; the opposition criticized the Prime Minister for offering only a brief acknowledgement of the leaders' phone call and accused the government of concealing policy details while the President publicly disclosed them.

Import approval for unpeeled prawns eases trade restrictions and opens Australian market to Indian aquaculture exporters.
Import approval for unpeeled Indian prawns by Australia removes a long-standing biosecurity barrier tied to white spot syndrome virus detections, easing market access for Indian aquaculture exporters subject to Australian biosecurity and import controls. The decision is expected to relieve trade bottlenecks, prompt focus on compliance, cold chain upgrades, and bilateral cooperation on sanitary measures and sustainable aquaculture to maintain market access.

Global markets rose as Japan's new prime minister and trade hopes boost risk assets while earnings and policy cues drive volatility.
Global equity markets rose after a US-led rally, with Japan reacting to a new prime minister expected to pursue accommodative monetary and fiscal policies, likely keeping the yen weak if the central bank slows rate increases. US indices neared record highs on strong tech and firm-specific gains, while trade expectations, Chinese policy deliberations, commodity price movements, and delayed US economic data heightened the importance of corporate earnings for assessing economic momentum and informing monetary policy decisions.

India's PLI and EV manufacturing schemes are challenged as conditioning incentives on domestic sourcing and discriminating against foreign goods.
China requested consultations under the international dispute settlement mechanism, alleging India's PLI programmes for advanced chemistry cell batteries, automobiles and an electric passenger car manufacturing scheme condition incentives on domestic sourcing and discriminate against goods of Chinese origin, asserting inconsistency with obligations governing subsidies, trade-related investment measures and tariff-related nondiscrimination.

Import restrictions on firecrackers enforced, seizure and arrests follow for mis-declared explosive consignments lacking required licences.
Two forty-foot containers at Tuticorin Port concealed 83,520 Chinese firecrackers mis-declared as engineering goods; the consignments were seized and four persons arrested. Import of firecrackers requires an import licence and compliance with explosive-safety rules; mis-declaration and unauthorised importation breach foreign trade controls and explosive-safety regulations, posing risks to public safety and port infrastructure.

Smuggled firecrackers intercepted at Nhava Sheva; seizure of 46,640 pieces and breach of import licence controls exposed.
A container declared as garments at Nhava Sheva concealed 46,640 firecrackers worth Rs.4.82 crore; the consignment was seized and a suspect arrested. The goods are restricted and require prior import licences and explosives-safety approvals; the incident highlights organised smuggling using false declarations and risks to public safety, port infrastructure, and the logistics chain.

India-Russia oil imports face US pressure as president says India promised to stop purchases and warned tariffs.
US president publicly asserted that Prime Minister Modi assured him New Delhi would cease purchasing Russian crude oil and warned that India would face massive tariffs if it continued such imports, while the Ministry of External Affairs denied awareness of any such conversation and described India's purchases as guided by the need to protect domestic consumers amid volatile energy markets.

Government shutdown delays economic data, complicates Federal Reserve policy decisions and increases market volatility and uncertainty.
A broad equity rally driven by strong technology demand and corporate developments occurred amid policy and regulatory risks. Geopolitical trade measures-including export curbs on strategic minerals and threats of higher import tariffs-heightened supply chain risk. The ongoing government shutdown has delayed key economic releases used for program adjustments and macro assessment, complicating the Federal Reserve's evaluation of inflation versus labour market weakness and making near term monetary policy decisions more uncertain.

US-China trade: president vows a 'fantastic deal' while threatening 100% tariffs over rare earth export controls.
The administration is responding to China's expanded export controls on rare earths by deploying elevated tariff measures and threats, including an additional 100 percent tariff if no agreement is reached, while pursuing leader-level and ministerial negotiations to resolve export-control disputes and related supply-chain pressures.

Free Trade Agreement talks aim to deliver a balanced EU India deal enhancing market access and sustainable trade rules.
The European Council endorses a New Strategic EU India Agenda prioritising conclusion of a balanced, ambitious free trade agreement emphasising enhanced market access, removal of trade barriers, and sustainable development provisions, and directs the European Commission to implement the agenda. It further advances closer security and defence collaboration including a prospective security and defence partnership and possible defence industrial cooperation, and commits to joint engagement on Russia's war in Ukraine, protection of multilateralism and the rules based international order, and promotion of democratic values and human rights.

India's oil purchases may trigger massive tariffs; UK-India free trade pact drives business expansion into India.
A US political leader warned that massive tariffs would be imposed on India if it continues buying Russian oil, framing tariffs as contingent on energy import choices; separately, a UK-India Free Trade Agreement is reported to spur business expansion into India, highlighting effects on market access and commercial strategy.

DRI seizes Chinese firecrackers concealed in garments, smuggled via container; import requires DGFT and PESO licences.
The Directorate of Revenue Intelligence, under Operation Fire Trail, intercepted a container declared as garments at Nhava Sheva and discovered 46,640 Chinese firecrackers concealed within; documents recovered revealed the smuggling syndicate's modus operandi and led to the arrest of a key accused. Importation of firecrackers is restricted under the ITC (HS) classification and requires licences from the Directorate General of Foreign Trade and certification from the Petroleum and Explosives Safety Organisation under the Explosives Rules.