Indian stock market: 5 things that changed for market overnight- Gift Nifty, Trump’s pharma tariffs to crude oil prices

Indian stock market: The key domestic equity indices, Sensex and Nifty 50, are anticipated to start lower on Wednesday due to unfavourable global signals. Asian markets traded lower, while US stock markets declined fell as the White House moved forward with extensive tariffs on trade partners, including a 104% tax on China, dampening risk appetite among investors.

The Reserve Bank of India (RBI) will announce its first monetary policy of FY26 today. The RBI Governor Sanjay Malhotra-led Monetary Policy Committee (MPC) is expected to cut repo rate amid cooling inflation and slowing economic growth.

RBI

On Tuesday, the Indian stock market staged a sharp relief rally after a massive slump in the previous session, with both the benchmark indices gaining 1.5% each.

The Sensex surged 1,089.18 points, or 1.49%, to close at 74,227.08, while the Nifty 50 settled 374.25 points, or 1.69%, higher at 22,535.85.

“Positive global market cues aided massive recovery in local benchmarks, as concerns over US trade tariffs faded a bit on hopes that most of the nations would work out ways to overcome the challenge. With India largely being a consumption-led economy, the US tariff impact may not hurt the country in a major way when compared to some of the other nations,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets traded lower on Wednesday as the US President Donald Trump’s country-specific tariffs, including a 104% levy on China, are set to come into effect at midnight stateside.

Japan’s Nikkei 225 slumped 3.14%, while the Topix plunged 3.26%. South Korea’s Kospi declined 0.18% and the Kosdaq fell 0.44%. Hong Kong’s Hang Seng index futures indicated a weaker opening.

Gift Nifty Today

Gift Nifty was trading around 22,396.00 level, a discount of nearly 234.35 points from the Nifty futures’ previous close, indicating a negative start for the Indian stock market indices.

Wall Street

US stock market ended lower on Tuesday, reversing a strong initial rally. The S&P 500 closed below 5,000 points for the first time in almost a year and lost $5.83 trillion in market value in its four days of losses.

The Dow Jones Industrial Average declined 320.01 points, or 0.84%, to close at 37,645.59, while the S&P 500 fell 79.48 points, or 1.57%, to end at 4,982.77. Nasdaq Composite closed 335.35 points, or 2.15%, lower at 15,267.91.

Tesla share price declined 4.90%, Nvidia stock price fell 1.37%, Advanced Micro Devices shares plunged 6.49%, while Intel stock plunged 7.36%. Apple share price dropped 4.98%.

Trump Tariffs on Pharma

President Donald Trump on Tuesday said the US will soon announce a “major” tariff on pharmaceutical imports, Reuters reported. Speaking to an event at the National Republican Congressional Committee, Trump said the tariff will incentivize drug companies to move their operations to the US.

Crude Oil Prices

Crude oil prices extended a selloff, plunging to a four-year low, as an intensifying trade war threatens to batter global energy demand. Brent crude oil declined 2.90% to $61.00 a barrel, while the US West Texas Intermediate (WTI) crude futures dropped 3.44% to $57.53.

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