📈 Markets Rally, UPI Falls, Trump Fires Tariffs

🫖 Happy Friday Juniorrrrr!!!

We're powering through the week like a chai-fuelled bullet train. The world is buzzing – Trump’s tariff bazooka has landed, India’s markets are rallying ahead of global tremors, and startups are minting millions faster than you can say “GenAI.” Grab your cup and let’s dive into the blend 🍵

☕ Chai Shots

• 🇺🇸 Trump's Tariff Tsunami Hits India: US President Donald Trump announced a 26% reciprocal tariff on Indian imports, calling it a “Liberation Day” for American industry. India’s current average tariff of 52% on US goods was cited as the trigger. Products like jewellery, chemicals, and seafood are at risk, but India's low dependency on US trade could cushion the blow. More in the Big Brew!

• 🏦 PwC Submits Report on IndusInd Bank Discrepancies – But Bank Denies It: PwC reportedly handed in a review of accounting lapses to IndusInd’s board, but the bank says it hasn’t received it yet. Meanwhile, a second investigation by Grant Thornton is underway. RBI is watching closely for final findings before deciding on regulatory action.

• 🔌 UPI Glitch Causes Chaos: India’s beloved UPI system faced a major outage, with users reporting failed payments and app crashes across multiple platforms. NPCI says the issue was resolved quickly, but users were not thrilled being wallet-less even for a short while.

• 🧠 Oracle Hacked in Global Breach: Oracle's cloud infrastructure was breached in a widespread cyberattack targeting authentication systems. The hack has sparked global concerns over enterprise cloud security.

📈 Market Masala

• 📊 Sensex & Nifty Rally Ahead of Tariff Drama: Indian markets bounced back on Wednesday, with the Sensex jumping 593 points to 76,617 and Nifty climbing 167 points to 23,332. Banking and IT stocks led the charge just hours before Trump’s tariff announcement.

• 🏦 Zomato, Titan & IndusInd Shine Bright: Top gainers included Zomato (up 4.75%), Titan, IndusInd Bank, Maruti Suzuki, and Tech Mahindra. Ultratech Cement, Nestle, and Bajaj twins were among the laggards.

• 🏘️ Midcaps & Realty Surge: Nifty Midcap100 and Smallcap100 rose 1.6% and 1.1% respectively. The Nifty Realty index soared 3.6%, with Consumer Durables, Banks, and Financial Services trailing close behind.

• 💸 Rupee Holds Steady: Despite global jitters, the rupee remained flat at 85.47 as investors braced for trade war spillovers.

• 🇮🇳 India & US To Start Trade Deal Talks: The two nations are expected to finalise the first phase of their trade agreement by September–October 2025. Target? $500B in bilateral trade by 2030.

• 🚘 Maruti Suzuki Price Hike from April 8: Get ready to shell out more — Grand Vitara prices are going up by ₹62,000, and even the humble Wagon-R isn’t safe.

🌏 Global Masala

• 🛒 Amazon Bids for TikTok: In a last-minute Hail Mary, Amazon submitted a proposal to buy TikTok before the April 5 US ban deadline. Even if the bid doesn’t go through, it might force rivals to pay more—and give Amazon some juicy insights into TikTok Shop’s business.

• 🚫 Norway Debates Investing in Defense Stocks: As geopolitical tensions rise, Norway is being pressured to lift bans on investing in weapons makers. Its $1.8T wealth fund is currently locked out of firms like Lockheed Martin and BAE Systems.

• 🚗 Slovakia Faces Auto Tariff Pain: With its car-heavy economy, Slovakia might be Europe’s biggest loser from Trump’s 25% auto import duties.

• 💊 Pharma Tariffs on Hold… For Now: Trump spared pharmaceutical imports from tariffs (for now), though he hinted they could be next in line.

• 🇪🇺 European Markets Slide on Tariff Fears: The Stoxx 600 closed down 0.6%, led by losses in healthcare. Germany’s DAX dropped 0.7% as traders worried over US trade moves.

🍵 The Big Brew: Trump’s Tariff Tsunami, Now With Extra Masala

In classic Trump style, the Rose Garden turned into a trade war battlefield as the former-and-current US President unveiled a sweeping set of tariffs. April 2 is now being dubbed “Liberation Day” — a not-so-subtle dig at decades of US trade deficits.

So, what’s in this spicy mix?

• 🇮🇳 India: 26% reciprocal tariff slapped on our exports, targeting sectors like jewellery, seafood, chemicals, and pharma (soon?). Why? Because we charge 52% average on US goods, according to Trump.

• 🇨🇳 China: Total effective tariff now at a scorching 54%. Add in Vietnam (46%), Taiwan (32%), and Japan (24%) and you’ve got a full-blown Asian tariff quake.

• 🚘 Auto imports: 25% flat tariff on all non-US-made cars, effective immediately. Slovakia, a car-making hub, is sweating. So is Mexico.

• 📦 Amazon, Nike: Multinationals took hits in extended trading. Apple fell 6%, Five Below lost 11%, and furniture & sneaker companies are rethinking supply chains.

But here's where it gets interesting for us desi folks:

• 👉 India might come out stronger — we’re less dependent on US exports compared to peers like Vietnam or Taiwan. Pharma, textiles, and electronics might even benefit from trade diversion.

• 👉 A trade deal could be brewing — India and the US aim to finalise phase one of a bilateral agreement by Sep-Oct 2025. And Trump says he’s “open to an extension,” which means more drama (and negotiation leverage) for India.

💡 What does this mean for you?
Imported goods like phones, electronics, and even some food items could get pricier in India as global supply chains get disrupted and the rupee faces pressure. But there’s a silver lining — with companies looking to move away from China, India might attract more manufacturing, boosting jobs and Make in India momentum 🇮🇳📈.

🚀 Startup Scoop

• 🧠 InnerGize Raises ₹4.5 Cr for Mental Health Tech: Shark Tank-featured startup InnerGize raised fresh funds to launch its vagus-nerve-stimulating wearable next month. The device aims to reduce stress and improve sleep via 10-minute sessions. With 1,300 pre-orders and global expansion plans, this Delhi-based startup is just getting started.

• 💰 RapidClaims Bags $11 Mn to Tackle Healthcare Billing Mayhem: The AI-powered SaaS startup is simplifying claim management for hospitals. Backed by Accel and Together Fund, RapidClaims uses “few-shot learning” to slash implementation time and reduce denials — a billion-dollar pain point in US healthcare.

• 🌾 Better Nutrition Scores ₹10 Cr with PV Sindhu on Board: Biofortified grain startup Better Nutrition raised funds to scale its nutrient-rich products. Backed by Namita Thapar and other startup celebs, it’s betting big on naturally zinc- and iron-rich foods to solve India's nutrition puzzle.

• 💼 Meesho Founders Exercise ₹1,000 Cr Worth of ESOPs Ahead of IPO: As the IPO buzz builds, Meesho’s co-founders Vidit Aatrey and Sanjeev Kumar exercised their options under the 2024 ESOP plan.

🧠 Chai Break Trivia

🚗 Did you know Slovakia produces more cars per capita than any other country in the world? 🇸🇰 It’s often called the “Detroit of Europe” — and it’s now in the hot seat 🔥 with Trump’s auto tariffs.

🔮 What’s Brewing Next?

• 🏍️ Karnataka Bans Bike Taxis Temporarily: Ola, Uber, and Rapido must pause bike taxi services until proper rules are framed. They’ve got six weeks to wrap up operations while the government decides next steps.

That’s a wrap for this Thursday! Just one more sleep till the weekend. Catch you tomorrow with more news, spice, and everything nice ☀️

Stay brewed, Masala Chai ☕