The fuzzy feeling from the federal budget is expected to wear off as traders face a global market selloff triggered by Trump‘s tariff decisions. Nifty futures indicate a sharp cut for indexes, with sectors tied to the global economy being the most vulnerable.

Investor sentiment toward consumer staples has improved after Saturday’s budget delivered a 1 trillion rupees ($11.5 billion) tax relief for the middle class. Insurers’ shares tumbled on Saturday as the initial excitement over the increased foreign direct investment limit in the sector faded, replaced by concerns over a regulatory tweak.

The long-awaited tax relief for the middle class comes at an opportune time, as consumers have been struggling with stagnant wages and rising prices. However, this move could also have “subtle behavioral implications,” says mutual fund data aggregator Value Research. Before the trading day starts we bring you a digest of the key news and events that are likely to move markets.