Indian stock market: 10 things that changed for market overnight - Gift Nifty, Powell on Trump tariffs to gold prices

Indian stock market: The domestic equity benchmark indices, Sensex and Nifty 50, are expected to open lower on Thursday, following mixed global market cues.

Asian markets traded mixed, while the US stock market ended sharply lower overnight after Fed Chair Jerome Powell warned that President Donald Trump’s tariffs could inflict lasting economic damage.

On Wednesday, the Indian stock market ended choppy session higher, extending the rally for the third consecutive session.

The Sensex surged 309.40 points, or 0.40%, to close at 77,044.29, while the Nifty 50 settled 108.65 points, or 0.47%, higher at 23,437.20.

“Participants responded positively to favorable cues, including the update on a normal monsoon, further easing of retail inflation, and, importantly, the absence of any negative surprises from global markets. Notably, the sustained strength in banking and financial stocks, along with rotational buying in other sectoral heavyweights, played a significant role in driving the momentum,” said Ajit Mishra – SVP, Research, Religare Broking Ltd.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded mostly higher, despite overnight losses on Wall Street.

Japan’s Nikkei 225 gained 0.59%, while the Topix index rose 0.26%. South Korea’s Kospi index added 0.41%, while the Kosdaq rallied 1.02%. Hong Kong’s Hang Seng index futures indicated a weaker opening.

Gift Nifty Today

Gift Nifty was trading around 23,343 level, a discount of nearly 90 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.

Wall Street

US stock market ended sharply lower on Wednesday, amid broad-based selling and comments from Federal Reserve Chair Jerome Powell, who noted US economic growth appears to be slowing.

The Dow Jones Industrial Average declined 699.57 points, or 1.73%, to 39,669.39, while the S&P 500 dropped 120.93 points, or 2.24%, to 5,275.70. The Nasdaq Composite closed 516.01 points, or 3.07%, lower at 16,307.16.

Nvidia share price plunged 6.9%, AMD shares slumped 7.3%, while Tesla stock price declined 4.94%. Amazon stock fell 3.93%, Apple stock price dropped 3.89% and Microsoft shares slipped 3.66%.

Fed Chair Jerome Powell

US Federal Reserve Chair Jerome Powell said the Fed would wait for more data on the economy’s direction before changing interest rates. The Fed chair also cautioned that US President Donald Trump’s tariff policies risked pushing inflation and employment further from the central bank’s goals.

US-China Trade War

China’s retaliatory actions have resulted in up to a 245% tariff on imports to the United States, according to a fact sheet released by the White House. Prior to the latest revision, a 145% tariff was being levied on Chinese exports to the United States.

Wipro Q4 Results

Wipro reported a 6.4% sequential rise in net profit to ₹3,569.6 crore for the quarter ended March 2025. The company’s IT services revenue in Q4FY25 increased 0.7% QoQ to 22,445.3 crore. Revenue in dollar terms fell 1.2% QoQ to $2.60 billion. In constant currency terms, the IT services revenue declined 0.8% QoQ. EBIT rose 0.7% to ₹3,927 crore, while EBIT margin was flat at 17.5%.

Wipro guided for Q1FY26 IT services revenue in the range of $2,505 million to $2,557 million. This translates to sequential decline of 3.5% to 1.5% in constant currency terms.

US Factory Output

US manufacturing production rose moderately in March. Factory output increased 0.3% last month after an upwardly revised 1.0% rebound in February. Economists polled by Reuters had forecast production rising 0.3% after a previously reported 0.9% jump. Production at factories advanced 1.0% on a YoY basis in March.

US Retail Sales

US retail sales surged in March. Retail sales increased 1.4% last month after an unrevised 0.2% rise in February. Economists polled by Reuters had forecast retail sales, which are mostly goods and are not adjusted for inflation, accelerating 1.3%.

Gold Prices

Gold prices extended its record rally on safe-haven demand amid intensifying global trade conflict. Spot gold rose 0.1% to $3,346.20 an ounce, after touching a record high of $3,357.40 per ounce earlier in the session. US gold futures gained 0.4% to $3,359.50.

US Dollar

The US dollar looked set to notch a fourth straight weekly loss on Thursday, though it lifted off a seven-month low against the yen. The dollar index was parked at 99.5. The dollar touched a seven-month low of 141.62 yen, Reuters reported. Sterling took a breather at $1.3216, while the euro eased slightly to $1.1373.

(With inputs from Reuters)

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