Indian markets extended their losses in early afternoon session amid ongoing pressure from Trump’s tariffs. Besides, traders avoided to take risk ahead of India’s inflation data, which due in next week. GST reforms failed to lift investor’s sentiment. Investors overlooked the report that the commerce and industry minister Piyush Goyal has said that India's exports during the current financial year (FY26) would be higher than 2024-25. He also said the industry has committed to pass on the benefits of the GST rate reduction to consumers. Referring to the Income Tax benefits effected through the Union Budget and GST reforms announced on September 04 evening, he said ‘This has been a very special year for consumers’.

On the global front, Asian markets were trading in green as Japan's leading index increased for the second straight month in July to the highest level in four months. The leading index, which measures future economic activity, rose to 105.9 in July from 105.1 in June. That was in line with expectations.

The BSE Sensex is currently trading at 80434.61, down by 283.40 points or 0.35% after trading in a range of 80338.92 and 81036.56. There were 10 stocks advancing against 20 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.42%, while Small cap index was down by 0.18%.

The few gaining sectoral indices on the BSE were Auto up by 0.95%, Consumer discretionary up by 0.41% and Telecom was up by 0.06%, while Realty down by 1.70%, IT down by 1.44%, FMCG down by 1.36%, TECK down by 1.02% and Capital Goods was down by 0.53% were the top losing indices on BSE.

The top gainers on the Sensex were Mahindra & Mahindra up by 2.26%, Eternal up by 2.19%, Power Grid up by 1.10%, Maruti Suzuki up by 0.91% and Reliance Industries up by 0.55%. On the flip side, ITC down by 2.15%, TCS down by 1.77%, HCL Tech down by 1.67%, Infosys down by 1.52% and Tech Mahindra down by 1.33% were the top losers.

Meanwhile, the Aluminium extrusion manufacturers' body Aluminium Extrusion Manufacturers Association of India (ALEMAI) has suggested that the government needs to look at import duties, free trade pacts, and policies that promote domestic consumption so as to mitigate impacts of US tariffs. It also highlighted that though the country has an installed capacity of three million tonnes per annum, the utilisation remains at just 1.2 million tonnes. Meanwhile, the imports account for more than 1.5 million tonnes, largely due to price differences, Free Trade Agreement (FTA) concessions, and duty-free access to value-added products under multiple HSN (Harmonized System of Nomenclature) codes. It added that if the government restricts these imports, the domestic industry can increase production which will be consumed locally, creating value-added products.

Aluminium extrusions have diverse applications including construction electronics, aerospace and renewable energy due to their lightweight, strength, and corrosion resistant quality. On US tariff impact, it noted that per capita consumption of aluminium in India stood at 3 to 4 kg, while the world average is 11 to 13 kg, so if the country increases its domestic consumption, the industry will grow faster and that will automatically mitigate the effect of the US tariff. The US has raised the tariffs on steel and aluminium imports from 25% to 50%.

Moreover, aluminium extrusion facilities across the country are under-utilised owed to import pressures, volatile raw material prices, and production delays. However, despite these challenges, the sector is expected to experience significant growth, driven by infrastructure development, the automotive industry, and the expansion of renewable energy. The Aluminium Extrusion Manufacturers Association of India represents more than 250 members nationwide, ranging from MSMEs to major enterprises.

The CNX Nifty is currently trading at 24656.70, down by 77.60 points or 0.31% after trading in a range of 24631.95 and 24832.35. There were 20 stocks advancing against 30 stocks declining on the index.

The top gainers on Nifty were Eternal up by 2.25%, Mahindra & Mahindra up by 2.17%, Eicher Motors up by 1.98%, Power Grid Corp up by 1.15% and SBI Life up by 1.09%. On the flip side, ITC down by 2.22%, TCS down by 1.76%, HCL Tech down by 1.66%, Infosys down by 1.51% and Nestle down by 1.50% were the top losers.

Asian markets were trading in green; Nikkei 225 surged 403.73 points or 0.94% to 42,984.00, Hang Seng advanced 393.49 points or 1.57% to 25,452.00, Taiwan Weighted added 314.73 points or 1.28% to 24,494.58, Shanghai Composite strengthened 46.63 points or 1.24% to 3,812.51, Straits Times rose 12.45 points or 0.29% to 4,309.28 and KOSPI was up by 4.29 points or 0.13% to 3,205.12.