From Indian Pharma and textile companies to Korean defence stocks, these were some of the winners that emerged after Donald Trump's reciprocal tariff announcements.
By Hormaz Fatakia April 3, 2025, 12:46:23 PM IST (Published)

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US President Donald Trump announces sweeping tariffs across 60 countries in the early hours of Thursday, Indian time, and the move has thrown global markets, barring India to a certain extent, into a tizzy. Although Indian stocks within the IT and shrimp feed sectors have seen a sharp sell-off, there have been outperformers that have emerged post Trump's move as well, not just in India, but across the globe. Here is a look at these outperformers:

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Indian Pharma Companies | The Nifty Pharma index at the highs of the day gained the most in a single-day sine September 2020 with most constituents gaining between 5% to 15%. This, after no tariffs were announced on the Pharma sector by Trump overnight as of now. However, the US will be investigation sectors like Pharma and semiconductors and that leaves the door open for a potential tariff levy in the future.

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Indian Textile Companies | Indian textile and apparel companies have also been winners in today's trading session, not because the sector was exempt from tariffs, but competition countries have been taxed more. While India has to face a 27% reciprocal tariffs, countries like China and Vietnam, which are also bigger exporters of apparel and garments, are faced with tariffs going up to as high as 54%. The move is reflective on stocks like Gokaldas Exports, Raymond, Arvind Ltd. and peers, which have gained between 8% to 10%.

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Malaysian Glove Manufacturers | A higher levy on China has made the coast clearer for glove manufacturing companies in Malaysia as the tariff differential between the two companies has widened. Chinese glove makers are now subject to a 104% tariff, according to data from RHB Investment Bank. Malaysian-listed companies like Supermax Corp. and Hartalega Holdings Bhd. gained in trade.

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Korean Defence Companies | Expectations of higher geopolitical tensions have given a boost for Defence stocks in Korea. “As the world is going through a reversal of free trade, the likelihood of geopolitical tension will only increase in the longer term,” Jung In Yun, chief executive officer at Fibonacci Asset Management Global, told Bloomberg. Hanwha Aerospace Co. and Korea Aerospace Industries Ltd. were among the gainers.

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Gold Producers | With gold also being kept out of the reciprocal tariff ambit, shares of gold producers gained as the yellow metal hit a record high on Thursday with the global markets having a meltdown. In Australia, Ramelius Resources Ltd., De Grey Mining Ltd. were among advancers. In Hong Kong, Zhaojin Mining Industry Co. and Zhongjin Gold Corp. gained.