(fxcue news) - Indian shares are seen opening on a cautious note Tuesday ahead of U.S. reciprocal tariff announcements on its trading partners, which are due to be imposed on Wednesday, April 2nd. Trump's top spokesperson said the announcement would feature "country-based" tariffs but added that the president is also "committed" to implementing sectoral duties at another time. It is feared that Trump's tariffs and possible retaliatory actions by targeted countries will fuel inflation, keep interest rates elevated and drag down global economic growth. Indian stock markets were closed on Monday for Eid Ul Fitr, which marks the month-long fasting period of Ramadan. The benchmark 30-share BSE Sensex ended the month of March with a 5.8 percent gain and the Nifty surged 6.3 percent, recording their best monthly gains since their peak levels of September 2024 as FIIs turned net buyers over the past few days. In the week ahead, investors are likely to evaluate the implications of U.S. tariffs on the auto, ancillary, pharma and other sectors. According to Trump, the tariffs will include all nations, not just a smaller group of 10 to 15 countries with the biggest trade imbalances. Asian markets clung to marginal gains this morning, after having suffered heavy losses in the previous session. The dollar index was marginally lower and gold hovered near record levels. Oil steadied at an over one-month high after Trump threatened to curtail crude shipments from Russia, the world's third-largest producer and a major exporter. Also, Iran's Supreme Leader Ayatollah Ali Khamenei warned the U.S. would receive a strong blow if it acted on President Trump's threat to bomb unless Tehran reaches a new nuclear deal with Washington. U.S. stocks saw wild swings before ending mixed overnight on concerns about the economic impacts of tariffs. The Dow jumped 1 percent and the S&P 500 added 0.6 percent but posted their worst quarterly performances since 2022 on uncertainty around the Trump administration's economic agenda. The tech-heavy Nasdaq Composite slid 0.1 percent. European stocks fell sharply on Monday, with tariff worries and France's political turmoil keeping investors' risk appetite in check. The pan European STOXX 600 declined 1.5 percent. The German DAX fell 1.3 percent, France's CAC 40 gave up 1.6 percent and the U.K.'s FTSE 100 shed 0.9 percent.