Indian stock market: 8 key things that changed for market overnight - Gift Nifty, Nasdaq $1 trillion crash to Japan GDP

Indian stock market: The domestic equity market benchmark indices, Sensex and Nifty 50, are expected to open lower on Tuesday, tracking sell-off in global markets.

Asian markets traded lower, while the US stock market ended sharply lower, with Nasdaq seeing its biggest single-day percentage drop since September 2022.

On Monday, the Indian stock market indices ended lower as global market cues remained weak amid concerns over US tariffs weighed on sentiment.

The Sensex declined 217.41 points, or 0.29%, to close at 74,115.17, while the Nifty 50 settled 92.20 points, or 0.41%, lower at 22,460.30.

“We expect the market to remain largely range-bound in the absence of any significant domestic trigger. Investors will be closely monitoring the global developments including the US tariffs, geopolitical negotiations and their impact on the US dollar and crude oil prices for further cues,” said Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd.

Here are key global market cues for Sensex today:

Asian Markets

Asian markets plunged on Tuesday, tracking overnight losses on Wall Street amid fears of potential recession in the world’s largest economy.

Japan’s Nikkei 225 declined 2.7%, while the Topix index fell 2.8%. South Korea’s Kospi dropped 2.19% and the Kosdaq plunged 2.22%. Hong Kong’s Hang Seng index futures indicated a weaker opening.

Gift Nifty Today

Gift Nifty was trading around 22,346 level, a discount of nearly 169 points from the Nifty futures’ previous close, indicating a gap-down start for the Indian stock market indices.

Wall Street

US stocks ended sharply lower on Monday on fears that the US economy could be careening into recession. The S&P 500 saw its biggest one-day drop since December 18 and the Nasdaq witnessed its biggest single-day percentage drop since September 2022.

The Dow Jones Industrial Average plunged 890.01 points, or 2.08%, to 41,911.71, while the S&P 500 sank 155.64 points, or 2.70%, to 5,614.56. The Nasdaq Composite closed 727.90 points, or 4.00%, lower at 17,468.32.

Tesla share price plunged 15.4%, Nvidia stock price declined 5.07%, while Microsoft shares fell 3.34%. Delta Air Line stock closed 5.5% lower, while the stock tanked 11.15% after market hours.

Nasdaq’s worst day since 2022

US technology shares slipped on Monday, with the Nasdaq witnessing its biggest single-day percentage drop since September 2022, amid rising worries the economy is headed for a recession. The Nasdaq 100 Index plunged 3.81%, the most since 2022, wiping out more than $1 trillion in the gauge’s value. The index is now down 12% from a February 19 record.

Among Nasdaq stocks, Tesla share price tumbled 15%, widening its loss this year to 45%, while Nvidia stock price lost 5.5% and has erased more than $1 trillion in market value in two months.

Apple share price sank 4.85%, Microsoft shares fell 3.34%, and Amazon stock declined 2.36%

Among other Nasdaq 100 constituents, Applovin shares dropped 12%, Microchip Technology stock price declined 11%, and Palantir Technologies declined 10%.

Japan GDP

Japan’s economy expanded in the October-December quarter at a slower pace than initially reported. Japan’s GDP expanded an annualised 2.2% in the three months to December, slower than the 2.8% growth in the initial estimate and economists’ median forecast. The revised numbers translate into a quarter-on-quarter expansion of 0.6% in price-adjusted terms, compared with a 0.7% growth issued on February 17.

Gold Prices Today

Gold prices were steady as investors awaited a key inflation print this week to assess the Federal Reserve’s interest rate path, Reuters reported. Spot gold changed little at $2,887.61 an ounce, while US gold futures declined 0.3% to $2,891.70.

Crude Oil Prices

Crude oil prices fell for a second day on worries that US tariffs would slow economies and hurt energy demand while OPEC ramps up its supply. Brent crude futures fell 0.53% to $68.91 a barrel, while US West Texas Intermediate crude futures lost 0.74% to $65.54 a barrel.

Dollar

The US dollar index was mostly flat overnight as small rises against the Aussie and sterling were offset by losses on the yen and it settled at 103.89. The yen touched a five-month peak of 146.625 per dollar and was last trading at 146.85, Reuters reported. China’s yuan was steady at 7.26 per dollar in early offshore trade.

(With inputs from Reuters)

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