Trade Deal Uncertainty May Not Shake Indian Markets Much, Says Devina Mehra

Devina Mehra, Co-Founder & CMD of First Global, explains why the Indian equity market may not be significantly affected by ongoing uncertainty around a potential US trade deal. She notes that India’s listed space has limited direct exposure to US physical exports, with sectors like jewelry and textiles forming only a small portion of market weight. Even in pharma, where the US is a key market, most major Indian players already operate manufacturing units in the US, reducing regulatory or tariff-related risks. Meanwhile, the IT sector largely delivers services offshore, making it less vulnerable to trade barriers. Mehra suggests that markets may have already priced in current geopolitical concerns, and any surprise could be positive rather than disruptive.