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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
19 minutes ago
- Economic Times
Oil prices little changed as industry report points to slowing US demand
(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
&w=3840&q=100)
Business Standard
21 minutes ago
- Business Standard
Will explore more, no compromise on farmers' interests: Shivraj on tariffs
Union Agriculture Minister Shivraj Singh Chouhan on Tuesday lauded Prime Minister Narendra Modi for his determination to protect the interests of farmers in the wake of tariff pressures and said it has been decided that there will be no compromise with the interests of the farming community. Speaking at an event in Subrahmanyam Hall in New Delhi, Chouhan emphasised that India's population is its strength and the country will also find new markets. In a veiled reference to the United States imposing 50 per cent tariff on India and apparent pressure in trade talks for greater access to India's agriculture and dairy sectors, Chouhan said there is vast difference in the size of landholdings and agricultural practices and cost of production in the two countries. "The whole country was apprehensive, know how much land they hold: 10,000 hectares, 15,000 hectares. Meanwhile, our farmers have land ranging from one acre to three acres, with many having just half an acre. We have a little land. Is this competition fair? You use GM seeds. There are different kinds of perceptions about our GM. The whole country was apprehensive, what will happen? They want their soybean to come here, their wheat, maize, rice," the Agriculture Minister said. "The cost of production per hectare is less there because GM seeds and other things are used, so the yield is more and the cost is less. The cost of production per hectare here is much higher than there, and if it had come openly, the prices of the crops here would have fallen further in our country. Where would the farmer go? Therefore, it was decided that no matter what happens, there will be no compromise with the interests of the farmer," he added. Chouhan referred to PM Modi's remarks that no matter how much loss he personally incurs, there will be no compromise with interests of farmers. "Prime Minister Narendra Modi said recently that no matter how much loss I personally incur, but the interests of farmers will not be compromised. This is the voice of India, voice of brothers, be assured. If there is some difficutly, we will see. We will find new markets, and India itself is such a big market that our things will be consumed here. The population of the whole of Europe is 50 crore, America's is 30 crore, our population of 144 crore is not our weakness; it is our strength. That is why this decision was taken. It is also testing time, we don't have budge, bow..." Chouhan said. US imposed 25 per cent reciprocal tariffs on Indian goods last month and increased it to 50 per cent over import of Russian oil. Chouhan also spoke of the government's determination to provide more resources to agriculture. Chouhan also dismissed nuclear sabre-rattling by Pakistan Army Chief Asim Munir and said India has decided to put the Indus Waters Treaty in abeyance after the Pahalgam terror attack. "Today, as a farmer, I want to congratulate our Prime Minister Narendra Modi, I want to thank him. The first thing is the Indus Water Treaty. Now the neighbour is giving threats from America. India is not going to be afraid of any threat. The whole world should hear that the Indus Treaty has been cancelled, and our water will be used for the farmers. This is Modi ji's decision. Such an unjust treaty, the rivers, land, water are ours and the canal will be built in Pakistan. We gave 80% of the water, and Nehru ji also gave money to build the canal there; this was a sin. Now this will not be allowed at any cost; our water will be used for our own purposes," Chouhan said. Referring to Pakistan's support for cross-border terrorism against India, Chouhan said PM Modi has made it clear that "blood and water cannot flow together". He said the government would soon bring in a new law to take strict action against those producing fake fertilisers and chemicals. He said various schemes for farmers' welfare are being advanced on priority and digital payment of insurance amounts was made to farmers on Monday from Jhunjhunu in Rajasthan under the Pradhan Mantri Fasal Bima Yojana. The Union Minister highlighted PM Modi's 'Nation First' resolve and emphasized that the Prime Minister has always taken strong, bold, nation-centric decisions, for which the country will forever remain indebted.
&w=3840&q=100)
Business Standard
21 minutes ago
- Business Standard
US July budget deficit up 20% Y-o-Y despite record Trump tariff income
The US budget deficit in July climbed 20 per cent this fiscal year compared to the last despite the US taking in record income from President Donald Trump's tariffs, according to Treasury Department data released Tuesday. The US saw a 273 per cent increase - or $21 billion - in customs revenue in July over the same period last year, the data showed. A Treasury official who spoke on the condition of anonymity to preview the data said overall increased spending is in part due to a mix of expenditures, including growing interest payments on the public debt and cost-of-living increases to Social Security payouts, among other costs. This comes as the federal government's gross national debt creeps up to the $37 trillion mark. Even as Trump talks about America becoming rich because of his import tax hikes, federal spending keeps outpacing the revenues collected by the government. That financial picture might change as companies exhaust their pre-tariff inventories, forcing them to import more goods and generate even more in tax revenues that could whittle away at the deficit without meaningfully reducing it as promised. If tariffs fail to deliver on Trump's pledge to improve the government's balance sheet, the American public could be faced with fewer job options, more inflationary pressures and higher interest rates on mortgages, auto loans and credit cards. The budget deficit is the annual gap between what the US government raises in taxes and what it spends, over time feeding into the overall national debt. While organisations like the Committee for a Responsible Federal Budget say that tariff income can be a stream of meaningful revenue - estimated to generate about $1.3 trillion over the course of President Trump's four-year term in office; some economists like Kent Smetters of the University of Pennsylvania's Penn Wharton Budget Model say tariffs are likely to result in only modest reductions in federal debt. In June, the Congressional Budget Office estimated that President Donald Trump's sweeping tariff plan would cut deficits by $2.8 trillion over a 10-year period while shrinking the economy, raising the inflation rate and reducing the purchasing power of households overall. But revenue estimates are also difficult to predict as the president has changed his tariff rates repeatedly and the taxes declared as part of an economic emergency are currently under appeal in a US court. A Treasury official did not respond to an Associated Press request for comment on when the US could begin to see tariff revenue start to put a dent in the deficit. Treasury Secretary Scott Bessent said last month on Fox Business Network's Mornings with Maria that the administration is laser-focused on bringing this deficit down. The Trump administration expects to make more trade deals with other nations, including China and other major economies. For instance, on Monday, Trump extended a trade truce with China for another 90 days, which preserves the 30 per cent tariffs he had imposed as a condition for negotiations. The previous deadline was set to expire at 12.01 am on Tuesday. Trump posted on his Truth Social platform that he signed the executive order for the extension, and that all other elements of the Agreement will remain the same. Beijing, at the same time, also announced the extension of the tariff pause, according to the Ministry of Commerce.
