Market Outlook – 15 January 2026

🔔 Silver shines brighter: First Majestic Silver reported its highest-ever production in 2025 and also announced a dividend hike—positive news for silver investors.

🔔 Gold cools off: Gold prices slipped from record highs as geopolitical tensions around Iran eased and concerns over the US Federal Reserve resurfaced.

🔔 Gold near ₹4,580: Strong US economic data limited further upside in gold, keeping prices under pressure.

🔔 US markets positive: US stock futures moved higher, with investors eyeing more bank earnings for direction.

🔔 Key global cues: Markets are reacting to comments from Trump on Fed Chair Powell, strong profit numbers from TSMC, and upcoming bank results.

🔔 Dollar gains strength: The US dollar strengthened on signs of economic resilience, while the British pound saw mild gains.

⚖️ Supreme Court Tariff Ruling – What to Watch

📌 A final decision is expected today at 8:30 PM.

📊 Market view: Polymarket is assigning a 76% probability that Trump loses the tariff case.

If Trump loses (most likely scenario):

A) Short-term response: Use Section 122 to impose up to a 15% temporary tariff for 150 days as a stopgap measure.
B) Long-term plan: Begin Section 301 proceedings to reintroduce tariffs on stronger legal grounds—a process that takes time.

🇮🇳 What This Means for India

✅ Near-term mildly positive.
Indian exporters may benefit from a temporary window where tariffs are capped at 15% under Section 122, until a stricter Section 301 regime comes into force.

🚆 Corporate Update – Kernex Microsystems India Ltd

📢 Big order win!
Kernex Microsystems has secured a ₹2,465.71 crore order from Chittaranjan Locomotive Works (CLW).

🔧 Scope of work:
Supply, installation, testing, and commissioning of 3,024 sets of On-board KAVACH Loco Equipment, in line with RDSO specifications.

✨ This order significantly strengthens Kernex’s order book and reinforces its leadership in railway safety technology.