(Reuters) -Indian shares were largely muted on Monday as gains in consumer stocks – led by Godrej Consumer – offset broader losses, while investors remained cautious amid growing uncertainty over U.S. tariffs.

The Nifty 50 fell 0.1% to 25,436.9 points and the BSE Sensex lost 0.09% to 83,351.23, as of 10:37 a.m. IST.

The broader, more domestically focussed small-caps and mid-caps traded flat.

Eight of the 13 major sectors declined. In contrast, consumer stocks rose 1.2%, driven by a 5% jump in Godrej Consumer Products after it projected a double-digit growth in revenue in the June quarter.

In tariff-related news, the U.S. is close to finalising trade agreements with several countries and will notify other nations of higher tariff rates by July 9, President Donald Trump said on Sunday. The new rates are set to take effect from August 1.

However, Trump did not provide further clarity or formal documentation, leaving investors uncertain about the scope of the changes.

“Markets are holding their breath for trade deal clarity – it could reshape foreign flows and hit sectors unevenly,” said Aishvarya Dadheech, chief investment officer at Fident Asset Management.

The president also warned that countries “aligning with the anti-American policies” of the BRICS bloc would face an additional 10% tariff, with no exceptions. India is a part of the BRICS bloc.

“With valuations stretched after a 15% run-up since March, the twin triggers of a trade breakthrough and solid June-quarter earnings will decide where equities head next,” Dadheech said.

Both the Nifty and Sensex remain about 3% below their record highs hit on September 27, 2024.

Among individual stocks, Dhanlaxmi Bank jumped 3.4% after the lender said its total business grew 15.8% in the June quarter.

Shilpa Medicare rose 2% after the Brazilian health regulator concluded its inspection of the company’s unit with no major observations.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane Venkatraman, Vijay Kishore and Sonia Cheema)