Indian stock market: 10 key things that changed for market overnight – Gift Nifty, Trump tariffs to Wall Street sell-off | Stock Market News

Indian stock market: The domestic equity market indices, Sensex and Nifty 50, are expected to open lower on Tuesday, following a sell-off in global markets amid worries over escalating trade and tariffs war.

Asian markets dropped, while the US stock market ended sharply lower, with the S&P 500 posting its biggest daily percentage decline since December 18, after US President Donald Trump announced the start of tariffs on Canada and Mexico.

On Monday, the Indian stock market ended lower amid volatility, with the benchmark Nifty 50 recording the ninth consecutive day of losses.

The Sensex declined 112 points, or 0.15%, to close at 73,085.94, while the Nifty 50 settled 5.40 points, or 0.02%, lower, at 22,119.30.

“Concerns over continued FII selling, the imposition of tariffs by the US on Canada, Mexico and China, and ongoing geopolitical tensions between Russia and Ukraine continue to impact domestic market sentiments. We expect the market to remain flat to negative on account of mixed global cues and lack of domestic triggers,” said Siddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal Financial Services Ltd.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded lower Tuesday, tracking overnight losses on Wall Street after Trump’s tariffs on Mexico and Canada.

Japan’s Nikkei 225 index dropped 1.03%, while the Topix index declined 0.61%. South Korea’s Kospi fell 0.41% and the Kosdaq plunged 1.43%. Hong Kong’s Hang Seng index futures pointed to a weaker open.

Gift Nifty Today

Gift Nifty was trading around 22,100 level, a discount of nearly 160 points from the Nifty futures’ previous close, indicating a gap-down start for the Indian stock market indices.

Wall Street

US stock market ended sharply lower on Monday after President Trump announced the start of 25% tariffs on Canada and Mexico.

The Dow Jones Industrial Average declined 649.67 points, or 1.48%, to 43,191.24, while the S&P 500 plunged 104.78 points, or 1.76%, to 5,849.72. The Nasdaq Composite closed 497.09 points, or 2.64%, lower at 18,350.19.

US-listed shares of Chinese companies fell, with Nio tumbling 8.6% and JD.com dropping nearly 4%. Tesla stock price declined 2.84%, Intel shares fell by 4%, while Nvidia share price tanked 8.69%. Amazon stock fell 3.42% and Microsoft shares dropped 2.14%.

Trump Tariffs

US President Donald Trump said that 25% tariffs on goods from Mexico and Canada will take effect on Tuesday. Trump also said reciprocal tariffs would take effect on April 2 on countries that impose duties on US products. He also reaffirmed that he will increase tariffs on all Chinese imports to 20% from the previous 10% levy to punish Beijing for continued shipments of fentanyl to the US.

US Manufacturing PMI

US manufacturing was steady in February. The Institute for Supply Management (ISM) said that its manufacturing PMI slipped to 50.3 last month from 50.9 in January, which marked the first expansion since October 2022. Economists polled by Reuters had forecast the PMI easing to 50.6.

US Suspends Military Aid to Ukraine

US President Donald Trump has paused all military aid to Ukraine following his clash with Ukrainian President Volodymyr Zelenskiy last week, a White House official said.

Japan Unemployment Rate

Japan’s unemployment rate in January rose to 2.5% from 2.4% in December. Economists’ median forecast in Reuters poll was for 2.4%. The jobs-to-applicants ratio edged up to 1.26 in January from 1.25 in December. The median forecast was 1.25.

Gold Price Today

Gold prices were steady as market participants fretted that Trump’s tariffs on Canada and Mexico will fuel inflation and hinder economic growth, Reuters reported. Spot gold was steady at $2,892.64 an ounce, while US gold futures were little changed at $2,902.90.

Bitcoin Prices

Bitcoin prices plunged nearly 10% on escalating trade war and uncertainty over creation of a US crypto reserve fund. Bitcoin price was down 8.15% at $85,656.32, while the second largest cryptocurrency, Ether prices dropped 15%. Other major cryptocurrencies such as XRP, Cardano and Solana were down by almost 20%.

Crude Oil Prices

Crude oil prices held near the lowest in almost three months after OPEC signaled plans to revive halted production. Brent crude oil fell 0.46% to $71.29 a barrel, while the US West Texas Intermediate (WTI) crude futures declined 0.20% to $68.23, after dropping 2% in the previous session.

(With inputs from Reuters)

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.