Indian markets are bracing for a weak start on Friday, with GIFT Nifty futures down 137 points at 25,285 around 7:05 AM, weighed down by fresh trade tensions and global uncertainty.

A sharp move by US President Trump to impose a 35 per cent tariff on Canadian imports — along with hints of broader 15–20 per cent tariffs — rattled markets overnight, tempering Asian equites. Japan’s Nikkei was up 0.21 per cent, Topix rose 0.71 per cent, Kospi was flat, and Australia’s ASX 200 edged down 0.06 per cent. In the US, all three major indices closed at fresh highs: S&P 500 +0.27 per cent, Nasdaq +0.09 per cent, and Dow +0.43 per cent.

Domestically, attention turns to TCS Q1 FY26 results. The IT giant posted a 6 per cent rise in net profit to Rs 12,760 crore, but flagged that growth in the high single digits may be tough to sustain amid weak discretionary spending. Other corporate updates expected today include quarterly reports from Tata Elxsi, IREDA and Anand Rathi, among others.

The institutional investment landscape remains upbeat. Foreign institutional investors (FIIs) bought shares worth Rs 585.96 crore, while domestic institutional investors (DIIs) added Rs 20.50 crore on July 10.

In the primary market, Meta Infotech begins its SME IPO listing today. Meanwhile, Smartworks Coworking, Asston Pharmaceuticals, and CFF Fluid Control continue their subscription windows, and GLEN Industries moves to the allotment stage.

On the commodities front, gold is holding firm around $3,317 per ounce, up slightly amid safe-haven demand. In contrast, oil prices sold off sharply: Brent crude dropped 2.2 per cent to $68.64, and WTI slid 2.65 per cent to $66.57, as growing fears over slowing global growth weighed on commodity sentiment.