Indian stock market: 8 key things that changed for market overnight - Gift Nifty, US tariffs on India to Apple shares
Asian markets traded mixed, while the US stock market ended higher, lifted by a rally in Nasdaq.
On Wednesday, the Indian stock market ended lower after the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) decided to keep the repo rate unchanged, and maintain the policy stance to 'Neutral'.
The Sensex fell 166.26 points, or 0.21%, to close at 80,543.99, while the Nifty 50 settled 75.35 points, or 0.31%, lower at 24,574.20.
'We expect the market to continue its consolidation as investor sentiment remains cautious amid India-US trade tensions and the ongoing Q1 earnings announcements,' said Siddhartha Khemka - Head Of Research, Wealth Management, Motilal Oswal Financial Services Ltd.
Here are key global market cues for Sensex today:
Asian markets traded mixed on Thursday after Trump's vow to impose a 100% tariff on imports of semiconductors and chips. Japan's Nikkei 225 rose 0.66%, while the Topix index gained 0.19%. South Korea's Kospi rallied 0.53% while the Kosdaq was flat. Hong Kong's Hang Seng index futures indicated a weaker opening.
Gift Nifty was trading around 24,594 level, a discount of nearly 40 points from the Nifty futures' previous close, indicating a negative start for the Indian stock market indices.
US stock market ended higher on Wednesday, led by a more than 1% gain in the Nasdaq.
The Dow Jones Industrial Average gained 81.38 points, or 0.18%, to 44,193.12, while the S&P 500 rallied 45.87 points, or 0.73%, to 6,345.06. The Nasdaq Composite closed 252.87 points, or 1.21%, higher at 21,169.42.
Apple share price jumped 5.1%, Amazon shares rallied 4.00%, Microsoft shares fell 0.53%, and Nvidia stock price gained 0.65%. Tesla share price rallied 3.62%, McDonald's shares rose 3%, while Arista Networks shares jumped 17.5%.
Advanced Micro Devices stock price slumped 6.4% and Super Micro Computer shares plunged 18.3%. Walt Disney shares eased 2.7%.
US President Donald Trump slapped an additional 25% tariff on imports from India, citing the country's alleged direct and indirect import of oil from the Russian Federation, bringing the combined tariffs imposed by the United States on its ally to 50%.
Apple share price jumped 5% after US President Donald Trump announced that the company will invest an additional $100 billion in the United States, a move which will expand its domestic investment commitment and could help it sidestep potential tariffs on iPhones.
The new pledge brings Apple's total investment commitment in the US to $600 billion. Earlier this year, the company had announced it would invest $500 billion and hire 20,000 workers across the country over the next four years, Reuters reported.
Minneapolis Fed President Neel Kashkari said that for him, the cooling US labor market and a slowing economy adds up to a case for interest rate cuts in coming months. 'The economy is slowing, and that means in the near term it may become appropriate to start adjusting,' Kashkari said on CNBC's Squawk Box, adding that two quarter-percentage-point rate cuts by the end of the year 'seems reasonable to me.'
The dollar remained lower against major peers. The dollar index, which measures the greenback against a basket of major peers, edged up 0.1% to 98.259, after a 0.6% slide in the previous session, Reuters reported. The US currency was little changed at 147.36 yen. The euro stood at $1.1654, down almost 0.1%.
Gold prices rose, helped by a weaker dollar on growing expectations of a Federal Reserve rate cut next month. Spot gold price rose 0.1% to $3,372.97 per ounce, while US gold futures gained 0.3% to $3,442.20.
(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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