New Delhi, Sept. 1 -- The Indian stock market is navigating a complex policy and macroeconomic environment, with fresh US tariffs coming into effect even as expectations rise around GST 2.0. In its latest strategy report, Emkay Global Financial Services' Head of Research and Strategist, Seshadri Sen, maintains a constructive stance on equities, projecting the Nifty 50 at 28,000 by September 2026, backed by consumption revival and industrial strength.

The imposition of a 50% tariff on Indian imports by the US from August 27 has crystallized the worst-case scenario. According to Emkay, the direct impact appears limited at ~0.5% of GDP in FY26, with negligible effect on the earnings of listed companies.

However, second-order risks loom lar...