Indian stock market: 8 key things that changed for market overnight - Gift Nifty, Trump tariffs to gold prices

Indian stock market: The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open lower on Thursday, following a sell-off in global markets, after US President Donald Trump imposed 25% tariffs on automotive imports.

Asian markets declined, while the US stock market ended sharply lower overnight, with the Nasdaq falling over 2%.

On Wednesday, the Indian stock market ended sharply lower as investors booked profits after a seven-day rally in the frontline indices.

The Sensex slumped 728.69 points, or 0.93%, to close at 77,288.50, while the Nifty 50 settled 181.80 points, or 0.77%, lower at 23,486.85.

“The downturn came as investors engaged in profit-booking, awaiting clarity on impending US reciprocal tariffs to be announced on 2nd April. We expect the market to remain range-bound with stock or sector specific action on the back of developments around the US-India trade meet during the week,” 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 on Thursday, tracking overnight losses on Wall Street, after US’ 25% tariffs on auto imports.

Japan’s Nikkei 225 declined 0.80%, while the broader Topix index dropped 0.40%. South Korea’s Kospi index fell 0.65% and Kosdaq lost 0.33%. Hong Kong’s Hang Seng index futures indicated a lower opening.

Gift Nifty Today

Gift Nifty was trading around 23,498 level, a discount of nearly 24 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.

Wall Street

US stock market ended sharply lower on Wednesday, dragged down by losses in Nvidia and Tesla shares, ahead of the US tariffs on automotive imports.

The Dow Jones Industrial Average fell 0.31% to 42,454.79, while the S&P 500 declined 1.12% to end at 5,712.20. The Nasdaq closed 2.04% lower at 17,899.02.

Nvidia share price dropped 5.74%, while Broadcom shares declined 4.78%. Tesla stock price plunged 5.6%, while General Motors shares slumped 8% in after-market trading. Dollar Tree stock price rose 3.1%, and GameStop shares jumped nearly 12%.

Trump Tariffs

US President Donald Trump unveiled a 25% tariff on imported cars and light trucks starting next week. “What we’re going to be doing is a 25% tariff for all cars that are not made in the United States,” Trump said at an event in the Oval Office.

Auto Stocks Slump

US auto stocks and their global rivals were rocked by President Trump’s announcement of 25% tariffs on all vehicles and foreign-made auto parts imported into the United States.

General Motors shares slumped 8% in after-market trading, Ford and US-traded shares of Chrysler-parent Stellantis fell about 4.5% each. Tesla stock price plunged 5.6%.

In Asia, shares in Toyota Motor, Honda Motor and Hyundai Motor all fell around 3%.

Gold Prices

Gold prices rose as concerns grew over Trump’s plans to impose reciprocal tariffs next week. Spot gold gained 0.1% to $3,022.69 an ounce, while US gold futures rose 0.2% to $3,026.70.

US Dollar

The euro weakened to a three-week low and the yen was steady against the dollar. The dollar index, which measures the US currency against six rivals, was at 104.61, close to the three-week high touched in the previous session. The euro was down 0.07% at $1.0747 after touching a three-week low of $1.0733 in early trading, Reuters reported. The yen was a shade stronger at 150.445 per dollar.

Crude Oil Prices

Crude oil prices traded higher after US crude inventories fell the most since December. Brent crude oil gained 0.12% to $73.88 a barrel, while the US West Texas Intermediate (WTI) crude futures rose 0.17% to $69.77.

(With inputs from Reuters)

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