A wave of caution swept across most Asia-Pacific financial markets on Friday, with major indices closing predominantly lower.

Wall Street absorbed a fresh wave of tariff uncertainty after a federal appeals court reinstated President Trump's global tariffs.

Gift Nifty was trading around 24,940 level, a discount of nearly 2 points from the Nifty futures’ previous close, indicating a muted start for the Indian stock market indices.

Indian equity markets closed lower on Friday, with the Nifty50 declining by 0.33% and the Sensex falling by 0.22%. Losses in IT, metal, and auto sectors, coupled with weak Asian cues and investor caution ahead of GDP data,

Among sectoral indices, Nifty Bank gained 81.20 points or 0.15 per cent to reach 55,627.25. The Nifty Midcap 100 climbed 250.40 points or 0.44 per cent to 57,707.65

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Asian stock markets were mixed as unease about President Trump’s policy shifts prevailed following the postponement of tariffs on the European Union and the threat of new duties on iPhones and other smartphones made overseas.

Investors weighed the positive implications of US President Donald Trump's decision to extend the deadline for imposing 50% tariffs on European Union imports against a backdrop of domestic economic data and corporate developments.

Asian stock markets experienced a downturn following a US court decision that temporarily reinstated President Trump's tariff policies. Tokyo's Nikkei and Hong Kong's Hang Seng both fell by 1.4%, while Shanghai's Composite Index also declined.