Stock Market Updates: GIFT Nifty Flat; Asia Mixed On Trump's Steel Tariff Plans
Last Updated:
Benchmark indices Sensex and Nifty are expected to start Monday, June 2, 2025, on a muted note
Sensex Today: Benchmark indices Sensex and Nifty are expected to start Monday, June 2, 2025, on a muted note amid mixed global signals and crucial domestic updates. Investors will weigh factors including stronger-than-expected Q4 GDP data, fresh US steel tariffs, the final US and India manufacturing PMI readings for May, institutional flows, and broader global cues.
Around 8:00 AM, GIFT Nifty futures were seen 25 points lower at 24,845, hinting at a tepid start for the domestic markets.
Global Cues
Asian markets opened mixed after US President Donald Trump announced a steep hike in steel import tariffs. Addressing steelworkers in Pennsylvania late Friday, Trump said tariffs on steel imports would double to 50% starting Wednesday, aiming to bolster the US steel industry. He confirmed the June 4 implementation date via a Truth Social post.
Following the news, Japan's Nikkei index declined 1.21%, while the Topix slipped 0.83%. Australia's ASX200 dipped 0.1%. However, South Korea's Kospi bucked the trend and was up 0.3%.
Markets in China, Malaysia, and New Zealand were closed for public holidays.
Meanwhile, US stock futures edged lower ahead of the June kickoff. Futures on the S&P 500 and Nasdaq-100 were down 0.3%, while Dow Jones futures dropped 0.3%.
On Friday, Wall Street ended mixed. The S&P 500 closed marginally lower, down 0.01%, while the Nasdaq shed 0.32%. The Dow Jones Industrial Average gained 0.13%.
First Published:
June 02, 2025, 09:08 IST
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
32 minutes ago
- Time of India
Meta's nuclear deal signals AI's growing energy needs
Meta's deal to help revive an Illinois nuclear power plant was one way of signaling that the parent company of Facebook and Instagram is preparing for a future built with artificial intelligence. Meta's 20-year deal with Constellation Energy follows similar maneuvers from Amazon, Google and Microsoft, but it will take years before nuclear energy can meet the tech industry's insatiable demand for new sources of electricity. AI uses vast amounts of energy, much of which comes from burning fossil fuels, which causes climate change. The unexpected popularity of generative AI products over the past few years has disrupted many tech companies' carefully laid plans to supply their technology with energy sources that don't contribute to climate change. Even as Meta anticipates more nuclear in the future, its more immediate plans rely on natural gas. Entergy, one of the nation's largest utility providers, has been fast-tracking plans to build gas-fired power plants in Louisiana to prepare for a massive Meta data center complex. Is the US ready for nuclear-powered AI? France has touted its ample nuclear power - which produces about 75% of the nation's electricity, the highest level in the world - as a key element in its pitch to be an AI leader. Hosting an AI summit in Paris earlier this year, French President Emmanuel Macron cited President Donald Trump's "drill baby drill" slogan and offered another: "Here there's no need to drill, it's just plug baby plug." Live Events In the US, however, most of the electricity consumed by data centers relies on fossil fuels - burning natural gas and sometimes coal - according to an April report from the International Energy Agency. As AI demand rises, the main source of new supply over the coming years is expected to be from gas-fired plants, a cheand reliable source of power but one that produces planet-warming emissions. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Renewable energy sources such as solar and wind account for about 24% of data center power in the US, while nuclear comprises about 15%, according to the IEA. It will take years before enough climate-friendlier power sources, including nuclear, could start slowing the expansion of fossil fuel power generation. A report released by the US Department of Energy late last year estimated that the electricity needed for data centers in the US tripled over the past decade and is projected to double or triple again by 2028 when it could consume up to 12% of the nation's electricity. Why does AI need so much energy? It takes a lot of computing power to make an AI chatbot and the systems they're built on, such as Meta's Llama. It starts with a process called training or pretraining - the "P" in ChatGPT - that involves AI systems "learning" from the patterns of huge troves of data. To do that, they need specialized computer chips - usually graphics processors, or GPUs - that can run many calculations at a time on a network of devices in communication with each other. Once trained, a generative AI tool still needs electricity to do the work, such as when you ask a chatbot to compose a document or generate an image. That process is called inferencing. A trained AI model must take in new information and make inferences from what it already knows to produce a response. All of that computing takes a lot of electricity and generates a lot of heat. To keep it cool enough to work properly, data centers need air conditioning. That can require even more electricity, so most data center operators look for other cooling techniques that usually involve pumping in water.
Time of India
43 minutes ago
- Time of India
Trump won't last in office for four years? Republican advisor's warning raises concern
Live Events Will Trump not complete his second term? (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel US President Donald Trump may not last four years, a political strategist for the Republican party has warned as he claimed that the controversial leader could be showing signs of cognitive decline, reports The Irish Star. Rick Wilson , who also co-founded the Lincoln Project, has warned that some experts are suggesting Trump may be in the early stages of dementia, the report Wilson, co-founder of the Lincoln Project, has raised concerns that some experts believe Donald Trump could be showing early signs of dementia. This comes in contrast to a statement from the White House physician in April, who reported that Trump was in "excellent cognitive and physical health."In April, the White House said that President Trump is in "excellent cognitive and physical health". In the first annual physical of his second presidential term at a Washington DC-area hospital, Trump was also found to have scarring "on the right ear from a gunshot wound", after an assassination attempt last July."President Trump remains in excellent health, exhibiting robust cardiac, pulmonary, neurological, and general physical function," his doctor, Captain Sean Barbabella, said in a 78, Trump was the oldest president to take office in January, though his predecessor, Joe Biden, was older at 82 by the time he an interview with Times Radio, Rick stated that Trump's decline was evident not only in comparison to 2015 but also when measured against his 2024 campaign for a second presidential said: 'He is incoherent. His inability to articulate any thought or position without constant asides, constant lapses, the verbal aphasias he is experiencing at various points.'As a very close observer of Trump since 2015, I can tell you the man you're watching today is not the Trump of 2015, nor is he the Trump of 2020, he's not even the Trump of 2024.'There is a decline in Trump's ability to communicate, there is a decline in Trump's ability to articulate his thoughts. This is not uncommon when people get older.'Rick added that it wasn't just him that was concerned about Trump's neurological condition, with other experts telling him they believed Trump could, although no proof this was provided, have developed said: 'There are an awful lot of professionals in the world who are looking at the same set of behaviours and saying 'This is what we see in early dementia cases'… this is what we see when there is a cognitive decline.'Just circling the elephant on the cognitive test does not make Donald Trump not suffering from the ravages of age and ill health.'This isn't the first time Trump's health has been called into question, with experts warning earlier this year about his weight loss and what may have caused it. He is the same age Joe Biden was when he took office in more, recent revelations in ground-shaking book by Jake Tapper on Biden's health decline in office have raised questions over what is going on in Trump's Oval Office, despite the White House physician giving him a clean bill of health in a memo, his doctor, Captain Sean Barbabella said: "President Trump remains in excellent health, exhibiting robust cardiac, pulmonary, neurological, and general physical function. 'President Trump exhibits excellent cognitive and physical health and is fully fit to execute the duties of the Commander-in-Chief and Head of State.'
The Print
an hour ago
- The Print
Markets extend losses for 3rd session amid broad-based selloff; Sensex slips below 81k
In a volatile trading session, the 30-share BSE index tanked 636.24 points or 0.78 per cent to settle at 80,737.51. During the day, it dropped 798.66 points or 0.98 per cent to 80,575.09. Domestic markets stayed on the back foot for the third straight session as investors offloaded energy, finance and IT stocks, traders said. Mumbai, Jun 3 (PTI) Equity benchmark indices Sensex and Nifty tumbled nearly 1 per cent on Tuesday, weighed down by a widespread selloff amid foreign fund outflows and growing geopolitical uncertainties. The NSE Nifty plunged 174.10 points or 0.70 per cent to 24,542.50. As many as 2,266 stocks declined, while 1,731 advanced and 147 remained unchanged on the BSE. 'The domestic market remained in negative terrain amid mixed global cues, geopolitical issues and a volatile currency market led by a weak USD. Profit-booking is evident across sectors, except for real estate stocks, supported by expectations of an interest rate cut by the RBI. 'Mid and small-cap stocks are experiencing relatively less consolidation than large caps due to better earnings growth & moderation in premium valuation. While short-term consolidation is likely to persist, strong domestic-oriented players are estimated to provide outperformance against external volatility,' Vinod Nair, Head of Research, Geojit Investments Limited, said. From the Sensex firms, Adani Ports declined 2.42 per cent. Bajaj Finserv, Bajaj Finance, Power Grid, Eternal, IndusInd Bank, Maruti, Tata Consultancy Services and UltraTech Cement were among the biggest laggards. Mahindra & Mahindra emerged as the only gainer in the pack. Adani Group's 11 listed companies ended lower. Adani Group on Monday said it does not handle any cargo coming from Iran or any Iranian-owned ship at any of its ports, as it denied any deliberate engagement in sanctions evasion. In a stock exchange filing, the group said reports of links between any of its entities and Iranian LPG are 'baseless and mischievous'. The BSE midcap gauge declined 0.52 per cent, while the smallcap index dipped 0.07 per cent. Among sectoral indices, power dropped 1.50 per cent, utilities (1.42 per cent), bankex (0.89 per cent), energy (0.88 per cent), capital goods (0.87 per cent), financial services (0.80 per cent) and teck (0.68 per cent). On the other hand, commodities and realty were the gainers. 'The Nifty has extended its consolidation phase for yet another day, showing no urgency in establishing a clear directional trend. It appears that investors are awaiting a decisive commentary following the RBI's interest rate decision,' Rupak De, Senior Technical Analyst at LKP Securities, said. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,589.47 crore on Monday, according to exchange data. 'The ongoing foreign fund outflows, coupled with weak global cues such as geopolitical tensions and uncertainty over trade deals, are adding pressure to the markets,' Ajit Mishra – SVP, Research, Religare Broking Ltd, said. In Asian markets, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled in positive territory, while Japan's Nikkei 225 index ended lower. South Korean markets were closed. European markets were trading lower. US markets ended higher on Monday. Global oil benchmark Brent crude climbed 0.28 per cent to USD 64.81 a barrel. After tumbling 796.75 points or 0.97 per cent to 80,654.26 in intra-day trade on Monday, the 30-share BSE Sensex witnessed volatile trends and later ended 77.26 points or 0.09 per cent lower at 81,373.75. The Nifty dipped 34.10 points or 0.14 per cent to settle at 24,716.60. PTI SUM SUM BAL BAL This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
