Financial Insights That Matter
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In today’s edition, we take a look at how US President Donald Trump’s new reciprocal tariffs can disrupt global trade, with India facing a 27% levy. What does this mean for Indian exports, and which sectors stand to gain or lose?
Markets reacted cautiously, with the rupee slipping to 85.78 against the dollar, while the Sensex and Nifty closed mixed amid economic uncertainty.
Meanwhile, Bajaj Finance is under RBI scrutiny over its co-branded credit cards, receiving a ‘letter of displeasure’ over risk management concerns.
The Supreme Court judges have agreed to publicly declare their assets, marking a significant move toward judicial transparency. In West Bengal, the SC has invalidated 25,753 school appointments in a major ruling.
Elon Musk’s X is in a legal standoff with the Indian government over content takedown orders, as the Centre dismisses claims of censorship.
Commerce Minister Piyush Goyal has called for a “reality check” in India’s startup ecosystem, criticising an overemphasis on food delivery and logistics at the expense of deeptech innovation.
Finally, the Waqf (Amendment) Bill, 2025, has reached the Rajya Sabha after a stormy Lok Sabha debate. While the ruling NDA says it empowers minorities, the Opposition calls it “anti-Muslim”.
Read on for all the top stories.
Trump throws half a punch: 27% reciprocal tariff on imports from India
US President Donald Trump has announced stopping short of imposing fully reciprocal tariffs. Instead, Trump said the US would charge half of the tariff a country imposes on US imports.
Under Trump’s plan, the US would impose a 27% tariff on Indian imports. Trump said the rate was calculated based on cumulative tariffs, including non-monetary barriers, imposed by a country on American goods. By this calculation, Trump said India imposes a 52% tariff on US goods.
All nations will face at least a 10% tariff, with higher “reciprocal” rates for those with trade barriers against the US. These tariffs stack on existing levies, including Trump’s 20% fentanyl-related tax on Chinese goods. A short-term goods exemption is now closed.
Exemptions apply to Canada, Mexico, and key industries like steel, aluminum, autos, copper, pharmaceuticals, semiconductors, and lumber, which will follow preset or upcoming tariff rates.
Follow our live blog for the latest updates on the trade war.
ALSO READ: This is how much the US will likely make from Trump’s reciprocal tariffs
India analysing impact of US tariffs, may mean wins for some sectors losses for others: Sources
Indian officials are analysing the impact of the differential and reciprocal tariffs announced by the United States, sources told CNBC-TV18. The sources said a 10% tariff is set to take effect on April 5, followed by an additional 17% on April 10.
Sources explained that these differential tariffs could have mixed effects on India, benefiting some sectors while negatively impacting others due to varying competition with other countries.
Referring to Clause 4 of the US order, which allows the American President to reduce tariffs for countries that address US concerns, sources noted that India has already begun negotiations for the first tranche of a Bilateral Trade Agreement (BTA).
‘440-volt shock’: Economists react to Trump’s global tariff jolt
Ashok Gulati, Distinguished Professor at the Indian Council for Research on International Economic Relations, predicts that it would take three to six months for global markets to stabilise and for countries to adjust their trade strategies.
“This is a 440-volt shock that President Trump has given to the entire world to reset. He is correcting the entire world trade order,” he said.
He emphasised the need to analyse tariffs in relation to competing nations. For example, the tariff on Indian rice is now 27%, but will the US stop consuming rice? If they import from Vietnam or Thailand, their tariff structures are even higher. This could give India a competitive advantage, he noted.
Read More: Trump’s tariffs trigger global backlash as China, EU, and allies vow countermeasures
Markets close mixed as investors digest Trump tariffs, IT sector dragged down
The Indian equity markets closed on a mixed note on Thursday as investors grappled with the implications of former US President Donald Trump’s new tariff announcements. The BSE Sensex fell by 322 points to 76,295, while the Nifty 50 dropped 82 points to 23,250 amid global economic uncertainties.
However, the broader market showed resilience, with the Nifty Bank index rising 249 points to 51,597 and the Midcap index adding 109 points to 52,162, supported by strong performances in financial and pharmaceutical sectors. The market breadth favoured advances, with an advance-decline ratio of 5:2, indicating a healthy proportion of gainers in the broader indices.
Rupee drops to 85.78 against dollar as US imposes new tariffs
The Indian rupee fell 26 paise to 85.78 against the US dollar in early trade on Thursday (April 3) after the US imposed broad-based tariffs on multiple countries, including India.
The currency had closed at 85.50 per dollar on Wednesday (April 2).
At the interbank foreign exchange market, the rupee opened at 85.77 and quickly lost ground to 85.78.
Forex traders attributed the decline to risk aversion following US President Donald Trump’s decision to impose 27% reciprocal tariffs on Indian goods.
Bajaj Finance gets ‘letter of displeasure’ from RBI on co-branded credit cards: Exclusive
Bajaj Finance Ltd., one of India’s leading non-bank lenders, has received a “letter of displeasure” from the Reserve Bank of India with regards to its co-branded credit cards, sources with knowledge of the matter told CNBC-TV18 on Thursday, April 3.
The RBI letter states that Bajaj Finance has not proactively identified gaps and vulnerabilities and also flags significant risk to customers, sources said, adding that the letter also cites the earlier letter dated January 31 this year and Bajaj Finance’s response dated February 22.
Sources added further that the RBI communication points to a reactive approach and a failure to maintain adequate internal controls. The letter also contests Bajaj Finance’s claim that its role was limited to customer solicitation.
Supreme Court judges agree to publicly declare their assets
The Supreme Court judges have recently agreed to declare their assets to the public. The decision was taken in a full court meeting which was attended by all the judges of the apex court.
“The Full Court of the Supreme Court of India had resolved that judges should make a declaration of their assets on assuming office and whenever any acquisition of a substantial nature is made, to the Chief Justice. This also includes declaration(s) by the Chief Justice of India. Placing the declaration of assets on the Supreme Court website will be on a voluntary basis,” as per the apex court’s website.
WB recruitment row: SC invalidates appointment of 25,753 teachers and other staff in schools
The Supreme Court on Thursday (April 3) upheld the Calcutta High Court verdict invalidating the appointment of 25,753 teachers and other staff in West Bengal schools. The top court said the appointment in the state-run and aided schools is “vitiated and tainted”.
The apex court, however, said employees are not needed to return their salaries and other emoluments.
A bench comprising Chief Justice of India (CJI) Sanjiv Khanna and Justice Sanjay Kumar said the fresh selection process to be completed in West Bengal schools within three months. The process can also have relaxations for untainted candidates, it added.
Elon Musk’s X has no locus to oppose takedown orders, government tells Karnataka HC
The government has filed its affidavit in the Karnataka HC opposing Elon Musk’s X plea challenging the government’s takedown powers. The government has slammed Musk’s X for terming the takedown powers as “censorship”.
Billionaire Elon Musk’s social media platform, X (formerly Twitter), has mounted a legal challenge against the Indian government’s powers to issue takedown orders, arguing they are unconstitutional and violate Supreme Court guidelines. The government’s affidavit was filed in response to the X’s plea.
The government affidavit claims that X has raised “groundless claims” of censorship. X has termed Govt’s Sahyog Portal, aimed to facilitate issuance of takedown orders to social media platforms, as the “Censorship Portal”. Govt has argued and termed this claim by X as “unfortunate and condemnable”.
Waqf Bill reaches Rajya Sabha after Lok Sabha approval amid heated debate
Union Minister Kiren Rijiju tabled the Waqf (Amendment) Bill, 2025, in the Rajya Sabha. The Lok Sabha passed the contentious Bill after over a 12-hour debate early Thursday morning. The Lower House witnessed the ruling NDA strongly defending the legislation as beneficial for minorities, while the Opposition described it as “anti-Muslim”.
The Bill was passed after all amendments moved by the opposition members were rejected by voice votes. It was passed after a division of votes — 288 in favour and 232 against.
According to the Bill, Waqf tribunals will be strengthened, a structured selection process will be maintained, and tenure will be fixed to ensure efficient dispute resolution. As per the Bill, while Waqf institutions’ mandatory contribution to Waqf boards is reduced from 7% to 5%, Waqf institutions earning over ₹1 lakh will undergo audits by state-sponsored auditors.
Follow our live blog for real-time updates on the Waqf Bill.
Indian startups need a reality check: Commerce Minister Piyush Goyal at Startup Mahakumbh
In a sharp critique of India’s startup ecosystem, Commerce Minister Piyush Goyal has urged them to reflect on their true value proposition and the impact they are making on the Indian economy.
Speaking at Startup Mahakumbh, Goyal highlighted the challenges within the startup sector, pointing that many startups in the country are overly focused on food delivery apps and hyperfast logistics. Instead of any innovation in deeptech or more impactful industries, they often turn unemployed youth into cheap labour, Goyal added.
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