Indian stock market: 8 key things that changed for market overnight - Gift Nifty, Trump tariffs, to copper prices
Asian markets traded mixed, while the US stock market ended flat overnight, with the Nasdaq ending in the green.
On Tuesday, the Indian stock market ended with modest gains, with the benchmark Nifty 50 closing above 25,500 level.
The Sensex gained 270.01 points, or 0.32%, to end at 83,712.51, while the Nifty 50 settled 61.20 points, or 0.24%, higher at 25,522.50.
'The recent stability, despite lingering caution ahead of the trade deal announcement and the upcoming earnings season, suggests that the bulls remain in control and anticipate a resumption of the uptrend. However, participants should avoid complacency and maintain their focus on stock selection, as sectoral participation continues on a rotational basis,' said Ajit Mishra – SVP, Research, Religare Broking Ltd.
Here are key global market cues for Sensex today:
Asian markets traded mixed on Wednesday after US President Donald Trump declined to extend the deadline on tariffs set to kick off on August 1. Japan's Nikkei 225 gained 0.33%, while the Topix index rose 0.17%. South Korea's Kospi index was flat while the Kosdaq added 0.29%. Hong Kong's Hang Seng index indicated a stronger open.
Gift Nifty was trading around 25,581 level, a discount of nearly 30 points from the Nifty futures' previous close, indicating a weak start for the Indian stock market indices.
US stock market ended mixed as investors waited for clarity on US trade policy.
The Dow Jones Industrial Average fell 165.60 points, or 0.37%, to 44,240.76, while the S&P 500 eased 4.46 points, or 0.07%, to 6,225.52. The Nasdaq Composite closed 5.95 points, or 0.03%, higher at 20,418.46.
Tesla share price gained 1.3%, Nvidia stock price rose 1.11%, Advanced Micro Devices shares rallied 2.24%, Inter shares jumped 7.23%, while Amazon stock fell 1.84%.
Freeport-McMoRan stock rose 2.5%, Moderna shares surged 8.8%, SunRun sank 11.4% while Enphase Energy lost 3.6% and SolarEdge Technologies dropped 1%.
US President Donald Trump said that his administration will impose a 50% tariff on copper imports. Trump also warned that pharmaceuticals could face an even steeper tariff, though he suggested the move would not be immediate. 'They're going to be tariffed at a very, very high rate, like 200%,' Trump said, adding that the measure would be announced soon and take effect after at least a year.
Copper futures in New York surged after Trump said he planned to implement a 50% tariff on imports of the commodity. Contracts on the Comex climbed as much as 17% on Tuesday, a record one-day spike, before falling more than 4% in early trading on Wednesday. The New York price traded at $5.5085 a pound, while copper on the London Metal Exchange was 1.7% lower at $9,627 a ton.
The dollar rose for a third day against the yen. The dollar index, which tracks the US currency against a basket of six major peers, was steady at 97.582 after a two-day climb. The dollar climbed 0.2% to 146.85 yen, after touching a more than two-week high on the previous day. The euro was little changed at $1.1720. Sterling traded at $1.35795, down 0.1% in early trading.
Gold price held a decline after Trump said the new August deadline for the start of 'reciprocal' tariffs won't be delayed. Spot gold price was little changed at $3,300.23 an ounce.
Crude oil prices fell as traders weighed signs of swelling US crude stockpiles. Brent crude oil declined 0.20% to $70.01 a barrel, while the US West Texas Intermediate (WTI) crude futures dropped 0.25% to $68.16.
(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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