Weak global cues and US President Donald Trump's fresh tariff announcement could force markets to give up gains made in the previous session.

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After the US markets close, Trump announced that he was unhappy with China's "unfair retaliation" and said he had instructed the USTR (US Trade Representative) to consider whether $100 billion of additional tariffs would be "appropriate under section 301 and, if so, to identify the products upon which to impose such tariffs.”

The US markets may topple in the market opening post this announcement, as the Asian markets have already started reacting to the news of future tariffs. The Dow Jones, and the S&P 500 ended the session with gains of about on percent after Wall Street's extended rebound rally.

Japan's Nikkei and Korea's Kospi began to trade sideways after Trump's statement. The indices lost over 50 basis points in their opening.

Singapore's SGX Nifty also reacted the same way. The index was trading at levels of 10,300 versus the Nifty April Future's Thursday close of 10,352. The weak cues indicate a lower opening for the Indian markets.

The Indian markets extended gains throughout the session on Thursday, supported by strong global cues, with the benchmark indices closing at new highs despite the RBI maintaining status quo on the policy rates.

The strong global cues were a reaction post buzz of China and the US agreeing to negotiate the imposition of tariffs.

The NSE Nifty had touched a new high at 10,325 points. The BSE Sensex closed at 33,584 points.

Ashwani Gujral, market expert, said that the market on Thursday was looking at covering shorts and it used every news flow to take the market higher.

"Now follow-through sometimes doesn’t happen to such moves because the very next day you get into a bit of a sideways type of move but overall the 200 point move and the move on the Nifty Bank has taken out a lot of shorts on the system. Chances are that slowly the market is building a base which will move higher," he said.The market expert foresees a good future for state-owned banks.

On declines, he said that the market is clearly a buy on dips and recommended commodities to be best bought when companies are going bankrupt.

Check out the stocks to watch out for today

Sobha: Fourth quarter pre-sales of this firm are valued up 31% year-on-year and volume up 40%.

HCL Tech: The firm acquired C3i Solutions from Merck & Co

IOC: The oil marketing company acquires 17% participating interest in Mukhaizna oil field and in Oman from Shell

Amtek Auto: The creditors’ panel approved the resolution plan submitted by Liberty House

Kridhan Infra: Subsidiary Won New Piling Contract Worth `134 Cr In Singapore

PSP Projects: The company received work order worth Rs 87.3 crore in the fourth quarter.

BILT: The firm will sell its Malaysian subsidiary For Rs 2070 crore.

GM Breweries: The firm's fourth-quarter sales up 11%, EBITDA up 97% and the margin at 29.8% versus 16.8% year-on-year.

Majesco: The firm signed a three-year agreement with a speciality insurer for application management services.

IndiGo: Aditya Ghosh, president of IndiGo, hints the firm might not be interested in bidding for Air India.

Strides Shasun & Sequent Scientific: The firm will trade its Ex-API business from today.

Future Retail: In an exclusive agreement with Lee Cooper, FSRL, the company's arm, signed up for manufacturing and distribution in India.

Parsvnath: The Delhi High Court rejected the rail land development authority’s plea on Rs 1,034 crore payment to the company.

IFB Agro, STC, DB Realty, Graphite India: The circuit filter for these have been revised to 20% from 5%.

Rain Ind, Nagarjuna Fert, TTK Health: The circuit filter for these has been revised to 20% from 10%.

Waterbase, Venky’s, Future Market, MMTC: The circuit filter for these has been revised to 20% from 10%

Magma Fincorp: The firm has launched a QIP of Rs 500 crore and has offered 3.23 crore shares at Rs 155 per share.

Binani Industries: The firm has filed an application for the termination of the insolvency proceedings of Binani Cements.

First Published:Apr 6, 2018 8:41 AM IST