Indian stock market: 8 things that changed for market over weekend- Gift Nifty, Trump tariffs to US-India trade talks
Asian markets traded lower, while the US stock futures declined over Trump tariffs.
This week, investors will focus on key stock market triggers, including US-India trade deal, Q1 results, the minutes of the US Federal Reserve's last meeting, and other key macroeconomic data that could dictate the short-term trend of the Indian stock market.
On Friday, the India stock market indices ended higher, snapping their two-day losing run.
The Sensex gained 193.42 points, or 0.23%, to close at 83,432.89, while the Nifty 50 settled 55.70 points, or 0.22%, higher at 25,461.00.
'With all eyes on the impending US-India trade deal as the tariff deadline approaches, participants are hopeful for a favorable outcome, which could provide the much-needed trigger for the next leg of the market up move. We recommend maintaining a 'buy on dips' approach until the Nifty decisively breaks below the 25,200 level, with a strong focus on stock selection,' said Ajit Mishra – SVP, Research, Religare Broking Ltd.
Despite the recent outperformance, the broader indices are still holding up well; however, one should remain cautious, given the potential for profit booking at higher levels, he added.
Here are key global market cues for Sensex today:
Asian markets traded lower on Monday amid much confusion as US officials flagged a delay on tariffs but failed to provide any details. Japan's Nikkei 225 dropped 0.26% while the Topix fell 0.18%. South Korea's Kospi declined 0.48% and the Kosdaq slipped 0.5%. Hong Kong's Hang Seng index futures indicated a lower opening.
Gift Nifty was trading around 25,547 level, a premium of nearly 7 points from the Nifty futures' previous close, indicating a flat start for the Indian stock market indices.
US stock market was closed on Friday on the eve of the US Independence Day holiday. US stock futures traded lower. Dow Jones Industrial Average futures declined 0.32%, S&P 500 futures and Nasdaq 100 futures dropped 0.39% and 0.42%, respectively. During last week, the S&P 500 rallied 1.72%, the Nasdaq surged 1.62%, and the Dow Jones jumped 2.3%.
India has set its red lines on key issues in sectors such as agriculture and dairy for the proposed interim trade agreement with the US, Mint reported, quoting sources. If issues are settled, an interim trade pact could be announced before July 9, which marks the end of the 90-day suspension period of the Trump tariffs announced on April 2 on dozens of countries, including India.
US President Donald Trump and Cabinet officials confirmed that the tariffs will go into effect August 1, and not July 9. Treasury Secretary Scott Bessent said that tariffs announced back in April will go into effect on August 1 for those countries that have yet to reach an agreement with the US.
Crude oil prices declined after OPEC surprised markets by hiking output more than expected in August. Brent crude futures fell 1.2% to $67.48 a barrel, while US West Texas Intermediate crude was at $65.64, down 2.03%.
Gold prices dropped after US President Donald Trump signalled progress on multiple trade agreements and announced extended tariff reprieve for several countries. Spot gold price fell 0.3% to $3,323.71 per ounce, while US gold futures also declined 0.3% to $3,332.20.
Dollar traded near multi-year lows with traders alert for any trade-related headlines in the countdown to Trump's tariff deadline. The dollar index, which measures the currency against those three rivals and three more major counterparts, was flat at 96.967, hovering above nearly 3-1/2-year trough of 96.373.
(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.
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