Indian stock market: 10 things that changed for market overnight - Gift Nifty, Trump Tariffs to Asian markets sell-off

Indian stock market: The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open sharply lower on Thursday, following a sell-off in global markets, after the US President Donald Trump’s reciprocal tariffs announcement.

Asian markets slumped, while the US stock futures also plunged after the US President Donald Trump announced reciprocal tariffs, imposing a 10% baseline tariff on all imports to the US.

On Wednesday, the Indian stock market ended with strong gains, led by a rally in financial and technology stocks.

The Sensex surged 592.93 points, or 0.78%, to close at 76,617.44, while the Nifty 50 settled 166.65 points, or 0.72%, higher at 23,332.35.

“The market seems to be coming to terms about the outcome of Trump’s tariff policy decision, and hence buying was evident across all the sectors. Post the clarity on tariff decision, the focus will then shift to fourth quarter earnings and the interest rate decision by the RBI next week,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets plunged on Thursday after Trump’s hefty reciprocal tariffs on over 180 countries.

Japan’s Nikkei 225 tanked 3.02%, while the Topix index declined 3.19%. South Korea’s Kospi index dropped 1.57%, and the Kosdaq fell 0.55%. Hong Kong’s Hang Seng index futures indicated a weaker opening.

Gift Nifty Today

Gift Nifty was trading around 23,140 level, a discount of nearly 299 points from the Nifty futures’ previous close, indicating a gap-down start for the Indian stock market indices.

Wall Street

US stock market ended higher on Wednesday ahead of President Trump’s sweeping tariff announcements. Trump began speaking after Wall Street closed.

The Dow Jones Industrial Average gained 235.36 points, or 0.56%, to close at 42,225.32, while the S&P 500 rose 37.90 points, or 0.67%, to 5,670.97. The Nasdaq Composite ended 151.16 points, or 0.87%, higher at 17,601.05.

Tesla share price jumped 5.3%, Nvidia stock price rose 0.25%, while Amazon.com shares rallied 2%. In the extended trading hours, Nvidia share price plunged 5.68%, while Apple stock price declined 7.14%.

US Stock Futures

US stock futures slumped. Dow Jones Industrial Average futures plunged 1,069 points, or 2.5%, S&P 500 futures declined 3.6% and Nasdaq-100 futures cracked 4.5%.

Trump Reciprocal Tariffs

US President Donald Trump imposed a 10% baseline tariff on all imports to the US and higher reciprocal tariff rates for countries that have high barriers to US imports. Trump announced a 26% reciprocal tariff on India — half the rate India imposes on US imports. Besides, Trump announced a 25% tariff on automobile imports to the country.

US Private Payrolls

US private payrolls growth accelerated in March, the ADP National Employment Report showed. Private payrolls increased by 155,000 jobs last month after an upwardly revised 84,000 rise in February. Economists polled by Reuters had forecast private employment advancing 115,000 following a previously reported 77,000 gain in February.

US Factory Orders

New orders for US-manufactured goods increased solidly in February. Factory orders rose 0.6% after an upwardly revised 1.8% rebound in January. Economists polled by Reuters had forecast factory orders would climb 0.5% after a previously reported 1.7% advance in January. Factory orders gained 1.5% on a year-on-year basis in February.

Gold Prices

Gold prices hit a record high on safe-haven buying after US President Trump announced more aggressive-than-anticipated tariffs against major trading partners. Spot gold rose 0.4% to $3,145.93 an ounce, after hitting an all-time high of $3,167.57 earlier in the session. US gold futures firmed 0.1% at $3,170.70.

US Dollar

The US dollar slid broadly on Thursday, while the euro was steady. The Japanese yen strengthened nearly 1% to 147.99 per dollar, while the euro traded 0.43% higher at $1.0875. Sterling was 0.28% higher at $1.3047.

Crude Oil Prices

Crude oil prices dropped on concerns that a global trade war may dampen demand for crude. Brent futures fell 2.63% to $72.98 a barrel, while US West Texas Intermediate crude futures declined 2.76% to $69.73.

(With inputs from Reuters)

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