Summary of this article
SCO Summit in China may offer cues for markets amid global trade tensions
US court ruled Trump’s tariffs unlawful, but allowed them till October 14
GST Council meeting on Sept 3–4 likely discuss new two-slab tax structure
August auto sales data to give insights into festive demand
Key macro US data including PMI numbers and unemployment rate
Domestic equities ended the holiday-shortened week on a negative note, pressured by concerns over US tariffs on goods imported from India that came into effect during the week on August 27, 2025. The Sensex closed 1,497.2 points, or 1.84 per cent lower to close at 79,809.65 during the week. The Nifty 50 also ended lower by 443.25 points, or 1.78 per cent at 24,426.85.
The broader markets also mirrored the sentiment, as the Nifty Smallcap 100 lost 3.86 per cent and the Nifty Midcap 100 settled 3.30 per cent lower. Except Nifty FMCG, all other sectoral indices ended lower.
Key Market Cues This Week
The week ahead, from September 1-5, is packed with a host of events and macroeconomic data releases.
SCO Summit
World leaders, including Prime Minister Narendra Modi, Russian President Vladimir Putin, and Chinese President Xi Jinping are meeting in Tianjin, China, for the 25th Shanghai Cooperation Organisation (SCO) summit, being held from August 31 to September 1.
The summit comes at a time when the world is grappling with unrest triggered by US President Donald Trump’s tariff threats. This is Modi’s first trip to China in seven years, and also the first since the 2020 Galwan Valley clashes that strained relations between India and China.
Market participants will be tracking this space closely for any cues that may impact D-Street in a positive way.
US Court Calls Trump Tariffs Not Legal
A US federal appeals court on August 29 struck down several tariffs imposed by Trump, ruling that he misused emergency powers to put the import taxes in place. The judges said the International Emergency Economic Powers Act does not allow tariffs of the kind Trump introduced earlier this year.
However, the court has kept the tariffs in place until October 14 to give the administration time to challenge the ruling in the US Supreme Court. Soon after the verdict was announced, Trump called it “highly partisan” and said he would appeal against it. Writing on Truth Social, he warned that if the decision stands, it would “destroy the United States of America.”
GST Council Meeting
The GST Council, chaired by Union Minister of Finance Nirmala Sitharaman will meet on September 3–4. Market participants will track the outcome for clarity on the proposed two-slab structure.
Auto Sales August 2025 Numbers
Automobile manufacturers will start releasing their August month’s sales figures from September 1. Market participants will tracks these numbers to gauge consumer demand ahead of the festive season.
US-Focussed Key Macro Numbers
The US will be releasing their ISM Manufacturing PMI on September 2, and Services PMI and Non-Manufacturing PMI data on September 4. The US will also release its weekly unemployment data on September 5.
