Gokaldas Exports and other textile rebound up to 10%

Raymond shares rallied 10% and briefly remained locked in the upper circuit, hitting a fresh 52-week high of Rs 1,193.40 apiece. Pearl Global Industries shares jumped 8%, while Gokaldas Exports gained around 3%. Arvind and Vardhman Textiles shares rose around 1% each.

Trump's new tariff tantrums
Textile stocks fell up to 5% on Monday after Trump signed the bipartisan Lindsey O Graham Sanctioning Russia and Iran Act of 2026 into law, paving the way for increased economic pressure on Russia over its invasion of Ukraine.

The new law gives the Trump administration the power to impose tariffs of up to 100% on countries buying Russian oil and gas, potentially exposing major buyers such as India and China to higher duties on exports to the US, the single-largest market for India’s textile and apparel exporters.

“Any additional tariffs under this Act will be very difficult to absorb for the MSME-dominated Indian textile and apparel sector already under stress due to several factors, including the continuing turmoil in West Asia. It will severely impact our ability to sell in the United States, our most significant market by a distance,” said Ashwin Chandran, Chairman of the Confederation of Indian Textile Industry (CITI).

Also read | Trump’s tariff tantrums return? Gokaldas Exports, other textile stocks drop up to 5% after Trump signs Russia sanctions bill

India to cut down Russian oil imports?
Indian refiners could now cut back purchases of crude shipments from Russia after the sweeping US sanctions bill, Reuters reported. The government could limit Russian crude imports in the near term to 20% to 30% of India’s total in order to shed its position as the top buyer of Moscow’s seaborne oil, people familiar with the matter told Reuters, adding that the government meanwhile continues to negotiate with the US.

Meanwhile, US President Donald Trump is hosting Chinese leader Xi Jinping in Washington this week. Xi Jinping is set to arrive in the US on Wednesday, marking the first time in more than a decade. Markets will closely watch for signs of an extension of a tariff truce announced after a Trump-Xi summit in South Korea last October and set to expire on November 10. That deal paused a trade war in which the world's two largest economies threatened global supply chains with tit-for-tat tariffs that topped 100%.

India-New Zealand FTA
At the same time, India and New Zealand finalised the free trade agreement (FTA) on Monday which is set to come into force on October 20. "Almost exactly three years ago, I committed that National would secure a free trade deal with India within our first term if elected. And today, we finalised the deal, which comes into force next month," New Zealand Prime Minister Christopher Luxon said in a post on X.

"It is exciting to think of how many businesses will grow as a result of this FTA, and then consider what that means for them, for the people who work for them, and for the country as a whole. It means more opportunities for exporters, stronger growth for businesses, and more jobs and higher incomes for New Zealand," Luxon added.

Also read | India-New Zealand FTA finalised; 100% of Indian exports to get duty-free access from October 20

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